Wisp Resort owners file for Chapter 11 bankruptcy protection

Tourist destination near Deep Creek Lake has had financial difficulties in its real estate arm
Comments 2Share84
By Hanah Cho, The Baltimore Sun

6:51 p.m. EDT, October 17, 2011
The owners of a ski resort near Deep Creek Lake have filed for Chapter 11 bankruptcy-law protection while they try to resolve financial difficulties related to another business.

DC Development LLC, which owns Wisp Resort in Garrett County, announced the filing Sunday.

The company has been unable to renegotiate the repayment of a $28.5 million loan with BB&T Corp. The loan was tied to the construction of an 18-hole golf course and community called Lodestone Golf Club. The golf club property, which is near the ski resort, has experienced lackluster sales of home sites.

DC Development — which filed for bankruptcy-law protection on Saturday in U.S. Bankruptcy Court in Greenbelt — said Chapter 11 protection would allow it to work out its loan restructuring and provide "breathing room needed to continue to seek new investors for the companies."

More here.

Buying or selling real estate in Garrett County or Deep Creek Lake, Maryland? Call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!

877-563-5350 - toll free