Several buyers interested in forfeited Vermont ski resort (Jay Peak)
After attempts to sell the Jay Peak ski area were halted at the start of the pandemic, sale discussions have been taking place with several parties this year, according to a update from the receiver appointed after the former owner was accused of fraud in 2016.
Receiver Michael Golderg filed the ninth interim report in federal court in Florida on Friday about the Jay Peak and Burke Mountain resorts in northern Vermont, covering March 1, 2020, through July 31, 2021.
As the COVID-19 pandemic hit and the resorts were shut down in mid-March of 2020, the sales process was paused as Goldberg and Houlihan Lokey, the investment bank retained to help with the sale, determined that “2020 was not an ideal time to pursue sale of the Resorts given the vast uncertainty in the market, particularly in the hotel/resort/ski industry,” the filing states.
Starting in late fall of 2020, Houlihan Lokey resumed its marketing of Jay Peak, and since then Goldberg and his colleagues “have been actively engaged in sale discussions with several interested parties whereby draft forms of asset purchase agreements have been exchanged,” the report states.
Read more: https://www.concordmonitor.com/Several-buyers-interested-in-forfeited-Vermont-ski-resort-42887537