by Lindsey Robbins, Staff Writer
Maryland’s only ski resort has fallen victim to the collapse of the real estate market, as its owners filed for bankruptcy on Saturday after defaulting on a $23.5 million loan.
D.C. Development of McHenry, owner of Wisp Resort in Garrett County, and related companies filed the Chapter 11 petition in U.S. Bankruptcy Court in Greenbelt, citing $50 million to $100 million in assets and $10 million to $50 million in debts.
“Wisp Resort continues to perform exceptionally well and will continue to be the region’s premiere skiing resort,” Karen F. Myers, an executive with Wisp Resort Development, wrote in an affidavit with the filing. “However, as a result of the [Branch Banking & Trust] confessed judgment, the companies must restructure their debt and their relationship with BBT.”
Myers is a prominent businesswoman in the state; last year, the Maryland Chamber of Commerce inducted her into its Business Hall of Fame.
More here.
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