Tamarack Resort: Trial underway to prioritize creditors of bankrupt ski area

Posted By: The Ski Channel on September 14, 2010 9:19 am

A trial is currently underway in Boise, Idaho to determine the order of creditors who are slated to receive funds from the now bankrupted Tamarack Resort. The 4th District Court Judge Patrick Owen will listen to arguments this week from the first of four groups of creditors expected to present their case for payment priority.

According to Business Week, the trial’s first group includes general contractor Banner Sabey, Tri-State Electric, YMC, Interior Systems and others.

The Idaho ski area’s lifts haven’t turned since March 2009 after the resort’s investment group went into default on a $250 million construction loan from investment bank Credit Suisse.

Since then, various parties have tried to revive the dormant ski runs with their own proposals. Tamarack Resort homeowners filed a bid to operate several of the lifts on a four day a week schedule, which is still being evaluated by the bankruptcy court and the State of Idaho.

Most recently, Salt Lake City real estate firm, Pelorus Group, placed an undisclosed offer to purchase the resort last month. The same group already owns Tamarack’s conference center.

At the time of it’s opening in December 2004, Tamarack Resort was the first new U.S. ski resort in 23 years.