Ghost Town rescued

There may be hope after all for the embattled Ghost Town in the Sky amusement park.

Just a few days before Ghost Town in the Sky was set to open for the season, things weren't looking good for the beleaguered amusement park.Despite development of a multimillion-dollar strategic plan, town leaders balked at providing taxpayer money to help the troubled park get through another year of the recession.

But then Steve Shiver received a surprise birthday present [says the Citizen-Times].

Just when it appeared obvious the 43-year-old president and CEO of Ghost Town in the Sky was not going to receive the $200,000 short-term loan he requested from the town of Maggie Valley, an anonymous investor came forward and offered to provide the money.

“It was a wonderful birthday present,” Shiver said. “I was overwhelmed but extremely humbled.” ...

Shiver on Tuesday would not disclose how much money the investor pledged to the park, only saying that it was “enough.”

Ghost Town in dire straits

Maggie Valley amusement park Ghost Town in the Sky wants the town to loan it a couple hundred 'K' -- despite the park's recent bankruptcy filing.

"The money is needed to start the season, which is planned to happen May 22, said Steve Shiver, the park's chief executive.

"Ghost Town Partners LLC is seeking Chapter 11 bankruptcy protection," says the Citizen-Times. "In its federal court filing, the company claimed assets of about $13 million and debts of $12.3 million. ...

"At least one member of Maggie Valley's Board of Aldermen, which will have the final say on making the loan, is against the idea.

"Alderman Colin Edwards said he can't vote for the loan because the park hasn't provided a plan to repay the amount and doesn't have collateral.

"Edwards said he also is concerned that the park might not get Chapter 11 protection and might instead end up in Chapter 7, which would mean the court would liquidate the company to pay its debts. ..."

Click here for the rest of the article.

Ghost Town files for bankruptcy

Well, the old amusement park made a good effort at survival. But it looks like Maggie Valley's Ghost Town in the Sky has seen better days. It recently filed Chapter 11.

"The Old West-themed amusement park has struggled since reopening in May 2007 after being shuttered for five years," says the Citizen-Times.

"The park has been unable to secure capital financing to pay off outstanding debts, restructure short-term debts, complete the updating of rides and cover costs associated with running and marketing a regional theme park."

T'is a shame. Ghost Town ranks right up there with Tweetsie Railroad and Mystery Hill (among too many others to mention) as being quintessential Western North Carolina attractions. There may still be hope, according to Lynn Sylvester, one of the park's five managing partners.

“Ghost Town is part of the history of Western North Carolina,” she said. “We are committed to preserving our theme park through this re-organizational process. “Given the mission of the Rural Development program to create and retain jobs, the USDA, which has a 70 percent guarantee on the primary loan facility held by BB&T, has signified a willingness to participate in a restructured debt arrangement."