Wintergreen Resort Weighs Financial Options – Includes Possible Sale

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Via the Newsplex Charlottesville: Our Media Partners at The Newsplex in Charlottesville posted this story on Tuesday.

Wintergreen
Nelson County, VA

Verbatim By Newsplex & CBS-19
May 8, 2012

Wintergreen Resort officials are considering several options to improve the resort’s financial security, including selling all or part of the property.

Other options include a joint venture with another entity and recapitalizing Wintergreen’s balance sheet.

The Nelson County Times (http://bit.ly/yrRPh4) reports that vice president and chief financial officer Rob Sullivan described possible steps that could be taken in a statement released Monday.

The resort encountered financial problems earlier this year because of a mild winter, the loss of its $3 million line of credit with Bank of America and a tax credit dispute with the state.

Wintergreen asked its members for help and sent renewal notices for 2013 about four months earlier than usual. Sullivan says that effort raised about $4.1 million.

The resort also settled the tax credit dispute.

2 COMMENTS

  1. SELL TO DONALD TRUMP MAYBE HE CAN MAKE IT WORK. HES WENT BANKRUPT SEVERAL TIMES AND GOT HIMSELF OUT OF IT. HE COULD NOT HURT IT ANY MORE THEN ALREADY IS HURTING. HELP DONALD HELP WE ARE SINKING!!!!!…..IF WORSE COMES TO WORSE TEAR IT ALL DOWN AND LET THE TREES GROW BACK LIKE IT WAS ORIGINALLY.. ID WEIGH THESE OPTIONS ESPECIALLY THE LAST ONE.

  2. owners with cash are fools. they are letting the resort get trashed and in process losing valuable appreciation on there properties. Probably all have lost 10-20% already.

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