Timberline Resort Sold for $2.2 Million
Timberline Four Seasons Resort was sold in a bankruptcy court auction to Perfect North Slopes, Inc. for $2.2 million. Bailey Glasser represented the Creditors Committee in the Chapter 11 bankruptcy cases in the Eastern District of Pennsylvania. Timberline filed for Chapter 11 bankruptcy protection last April after closing abruptly in February when, due to financial strains, it began experiencing difficulties with snowmaking, chairlifts, financing, and litigation regarding the water and sewer system it operated. Timberline is known for its challenging ski terrain, glade skiing, and sweeping views from its 4,268-foot summit, but suffered from mismanagement and financial distress in recent years.
Bailey Glasser played an active role in the case and is pleased to see Timberline, an important employer and economic engine in the Canaan valley, sold to a strong ski resort operator.