Bank To Remove Snowmaking Equipment From Closed Ski Resort
A Vermont bankruptcy judge is allowing a bank to remove snowmaking equipment purchased with money it loaned to a now shuttered ski resort.
New Jersey-based Lakeland Bank was granted relief from the automatic stay in place for the Hermitage Club at Haystack Mountain in Wilmington. Automatic stays are standard in bankruptcy proceedings and put litigation against the debtor on hold.
The Bennington Banner reports Lakeland Bank has been directed to remove the 46 snow guns and two tower-mounted TechnoAlpin fans within a reasonable period of time.
The state shut down the resort last year for missing tax payments.
Lakeland Bank says it's owed more than $700,000 on a $900,000 loan made to the resort in February 2016 for the equipment. The club last made a payment in December 2017.
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