Moonlight Bites the Dust?

http://www.skinet.com/ski/blogs/2009/09/moonlight-basin-in-foreclosure

Just a flesh wound: 


There's still lots of good real estate in them thar hills.

It hasn't bit the dust yet.  Their plans are to be open this winter.  The big issue will be will they have the cashflow necessary to open for the season and stay open.  Now that they're in foreclosure most of their vendors aren't going to extend them credit.  The news isn't helping them generate cash from season ticket sales as people where I work and where my fiance works (two of the largest employers in the area) are discussing whether they will risk buying a pass there this year or not.

Yellowstone went through something similar last year.  Fortunately for them, their debt was significantly less than their net worth plus their major debt was from a questionable loan that was being contested.  Eventually a white knight (or wolf in sheeps clothing depending on your view) stepped forward with cash to keep them going.  Their rescuer ended up with ownership of Yellowstone when they came out of bankruptcy and has settled all their local debts.

I hope so.  Currently making plans that may include turns there this season =)

The short version of the story is: we're going to open and I'm a lot more confident than I was last year at this time.  Internally, there's some very frustrating things to deal with, but again, it's better than last year.  

The way, the best article I've seen so far was last week's Big Sky Weekly.  There's some very detailed info in there, more than most of us as employees have been told.  I can't vouch for the accuracy of any of it, but my instinct says it's right.

Regarding Rio's comment of 'most vendors aren't going to extend credit', that's not true at all.  All of the ordering I do is based on PO's and commercial credit accounts.  All of those lines of credit are still open.  We'd probably have a hard time getting a new line of credit, but we've got more than enough vendors we've worked with in the past.  Over the past year we've worked really hard to make sure the right people get paid when they need to get paid.

Here's that Big Sky Weekly article...

Bump for updates.

I read the press release and wish MB success.

Is the mountain going to open and remain open for the season?

Moonlight is opening to the general public on Dec. 12.  Last Week they received a couple feet of good ol' Pacific Northwest base building snow which should help get them off to a good start this season.

Yes, the mountain is going to open for the winter and remain open.

An update.  The Bankruptcy judge has approved a $24 million dollar loan from Lehman Brothers (who carry the main note on Moonlight.)  This will allow Moonlight to operate this season and next while the bankruptcy case works its way through the courts.

Moonlight is off to a good start with a 30" base already and more snow on its way.