MCHENRY, Md. (AP) — The owner of the Wisp ski resort in McHenry says it has filed for Chapter 11 bankruptcy protection.
D.C. Development LLC said Sunday that its filing Saturday in U.S. Bankruptcy Court in Greenbelt gives it some breathing room to seek new investors during its reorganization.
The filing stems from the partners’ alleged default on nearly $30 million in loans they got from BB&T Corp. of Winston-Salem, N.C., to build a golf-course community near the ski hill. The partners say they’re financially strapped because the home sites haven’t sold as well as expected.
Karen Myers of D.C. Development says a sale of Maryland’s only ski resort remains the last option she and her partners would pursue.
Wisp General Manager Tim Prather says he expects Wisp to open Nov. 25, weather permitting.
(Copyright 2011 by The Associated Press. All Rights Reserved.)