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Thursday, March 12, 2009

Ghost Town Files for Bankruptcy Protection

The Old West-themed amusement park has struggled since reopening in May 2007 after being shuttered for five years.

The park has been unable to secure capital financing to pay off outstanding debts, restructure short-term debts, complete the updating of rides and cover costs associated with running and marketing a regional theme park.

“The economic uncertainty, coupled with the banking and credit crisis that has engulfed the nation, has made obtaining a lender very difficult,” said Steve Shiver, Ghost Town's president and chief executive officer. The park filed for bankruptcy protection Tuesday.

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Lynn Sylvester, one of Ghost Town's five managing partners, offered a glimmer of hope for the park's reorganization.

“Ghost Town is part of the history of Western North Carolina,” she said. “We are committed to preserving our theme park through this re-organizational process. “Given the mission of the Rural Development program to create and retain jobs, the USDA, which has a 70 percent guarantee on the primary loan facility held by BB&T, has signified a willingness to participate in a restructured debt arrangement,” Sylvester said.

Ghost Town plans to reopen for the season on May 15 and is selling season passes and daily admission tickets.

Source: Asheville Citizen-Times



Commentary


That is too bad. I was at Ghost Town for the re-opening, and enjoyed myself. I have been waiting for the roller-coaster to open for my return trip. I hope that they are able to make it and find their niche in the market.

Here is the video I shot of the very first gunfight at the re-opening:



The bus ride with JB, the Director of Entertainment, keeping the passengers entertained as we went up the hill, [part one] [part two]

And a few photos:




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