Bankruptcy May Help Save Historic Pennsylvania Amusement Park
Pennsylvania’s historic Conneaut Lake Park has been authorized for a sheriff’s sale due to its significant debt in back taxes. But the park may still be able to save itself by filing for bankruptcy.
The beloved Crawford County amusement park, which is 122 years old, has accrued $910,000 in back taxes over the last 14 years. County commissioners announced that they have a responsibility to finally collect those taxes for county use, and rejected the Economic Progress Alliance of Crawford County’s plan to use insurance settlements and profits from partial park property sales to repay the debt over four years.
In addition to owing the county, the park also owes Conneaut School District, Sadsbury Township and Summit Township. Earlier this month, school and township officials voted along with Crawford County commissioners to sell it. The county solicitor has been ordered to begin the legal action necessary for the sheriff’s sale, which the commissioners want to take place as soon as possible.
If the county goes through with the sale, the park could be sold as early as next month. But the Economic Progress Alliance has developed a several-step plan for saving the park, beginning with having the park trustees file for Chapter 11 bankruptcy. Filing would both freeze the park’s debts and halt plans for the sale, freeing the property up for expansion and revitalization by the redevelopment agency. The Economic Progress Alliance, which has had significant success with revitalizing former brownfield sites in the past, plans to turn the park into a year-round resort featuring arts centers and a new exposition center.
The alliance’s executive director, Mark Turner, expressed certainty that filing for bankruptcy is a viable plan for reorganizing the park and putting its unsecured claims, expired judgments and other existing debts up for the scrutiny of the bankruptcy court.
An experienced Pennsylvania bankruptcy attorney will offer more information on how filing for bankruptcy can help save real estate holdings.
Contact us at Harold Shepley & Associates at 1-866-284-7062 or visit us at shepleylaw.com.
December 6, 2014 Posted in Bankruptcy, Debt, Financial Distress Tagged business bankruptcy, Chapter 11, PA bankruptcy Leave a comment
