Skiers could hit the slopes four days a week this winter, and the troubled resort may soon be sold.
BY JOE ESTRELLA - jestrella@idahostatesman.com
Copyright: © 2010 Idaho Statesman
Published: 10/01/10
A group of Tamarack homeowners working to open the beleaguered ski resort say they are selling season passes and hoping to hire 65 people - many former Tamarack workers.
"Word is getting out among the mountain pros that winter sports are returning to this resort and we're grateful to be able to secure the services of these experts," said Tamarack Municipal Association general manager Tim Flaherty.
Flaherty said five lifts will operate Thursdays through Sundays from Dec. 20 to April 3.
Meanwhile, the decision by CEO Jean Pierre Boespflug and co-owner Alfredo Miguel Afif to step away from their leadership positions could speed the sale of the resort.
Boespflug told the Idaho Statesman on Thursday that Candlewood Capital, a member of a consortium of lenders headed by Zurich-based Credit Suisse Group, had agreed to loan the resort $2 million to pursue a sale if he and Afif stepped aside.
The loan is an indication that Tamarack's creditors believe the resort is close to a deal to sell the property, Boespflug said. A sale could be announced within a month of the appointment of a new restructuring officer, he said.
A Tamarack court filing asked U.S. Bankruptcy Judge Terry Myers to appoint Michael Fleischer, head of Links Realty Advisors, a Los Angeles real estate advisory and consulting firm, to take over negotiations to sell the resort.
Tamarack's filing said Links Realty was an experienced marketer of distressed properties.
Fleischer, who would have sole authority over the resort, said he could not comment until the court rules on Tamarack's motion.
Boespflug said the bankruptcy court's decision in April to grant Tamarack's request to convert its Chapter 7 liquidation filing to a Chapter 11 reorganization helped bring buyers to the table.
"We've got buyers knocking at the door, which is something we didn't have before," he said. "Now is a logical time for a restructuring officer to come in. The final negotiations will be done by a specialist, not ourselves."
One potential buyer is Utah's Pelorus Group, which has offered a reported $42 million for the resort. It recently purchased the Arling Center, Tamarack's conference center, for $900,000.
Boespflug warned that a sale does not mean that creditors owed some $300 million will be repaid in full. The property is listed at $68 million. However, once a sale is announced, the court could grant additional time to see if a competing higher bid surfaces.
Cascade Mayor R.W. Carter said he was aware of at least two other potential buyers.
"I'm optimistic that we could have a sale in pretty short order," he said.
Tamarack homeowner Doug Dvorak said the departure of Boespflug and Afif will help.
"It's unfortunate to see them go," said Dvorak, a motivational speaker who divides his time between homes in Chicago and Tamarack. "They tried to make a go of it. But we have to move on."
In the meantime, homeowners have contributed $250,000 in seed money to reopen the ski lifts.
Dvorak said the association expects ticket sales will generate an operating budget of $1.5 million, which will cover a projected payroll of $500,000.
Getting the resort back on its feet is critical to Valley County, which has fallen on hard times since the real estate collapse that followed Tamarack's spiral into bankruptcy, Dvorak said.
"It's not a recession up there. It's a depression," he said.
Regards,
Michael Hon
CEO, The Iron Eagle Realty Team
Associate Broker, Market Pro
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com
No comments:
Post a Comment