Greek Peak continues to work toward financial stability. The resort filed for bankruptcy just last year after a warm winter and a problem with its lender. Our Melissa Kakareka tells us what's next for the popular ski destination and how Senator Charles Schumer is trying to help.
VIRGIL, N.Y. -- Skiers and snowboarders hit the slopes at Greek Peak Resort on Friday. It's a welcome scene after last year's financial challenges.
After a lackluster ski season, the resort was forced to file for bankruptcy when its lender failed. The FDIC took steps to help ensure the resort could open again this year.
"The process was a long time, frustrating from time to time, but it's been good and it kept us alive and operating," said owner of Greek Peak, Al Kryger.
But the process isn't quite over yet, and that's why Senator Schumer visited Greek Peak on Friday to urge the FDIC to take the next step.
"We now need the FDIC to get us through the next season by working with Al and the others to make sure they have the financial cushion to keep going," said Senator Charles Schumer.
Legally, the FDIC, Greek Peak and any other interested third parties have to navigate through a sales process. Schumer is urging the FDIC to work through that sale process quickly. Then, the senator is asking the agency to work out a fair, long-term resolution to the resort's debt issues.
"We want the FDIC to come forward, be mindful of the thousand jobs here, be mindful of how important Greek Peak is to the whole region, not just the county, although it is important to Cortland County, and work out an agreement that keeps Greek Peak running for years to come," said Schumer.
Greek Peak's owner says the ski season has already been more successful than last year.
The resort has already had 28 inches of snow since its Christmas Eve opening and almost all of its trails and lifts are open.
He believes with the continued support of the FDIC, the resort will bounce back from its financial troubles.
"I think out of this process, we will come out with a stronger company. There will be additional equity put into the company and the opportunity to continue the overall master plan and grow the company," said Kryger.