The Interpreter Posted April 28, 2015 Author Posted April 28, 2015 Trustees had asked for extension until June 30 for overdue financing plan. Judge gave them a week. Creditors asking for immediate liquidation; http://m.meadvilletribune.com/news/local_news/judge-conneaut-lake-park-needs-to-present-financing-plan/article_6916cfde-edc1-11e4-898e-1f1db5c341fe.html?mode=jqm 1 Quote
The Interpreter Posted April 30, 2015 Author Posted April 30, 2015 More: http://www.goerie.com/conneaut-lake-park-gets-1-week-extension-in-bankruptcy-case Not good. Not good at all. 2 Quote
darkrider68 Posted April 30, 2015 Posted April 30, 2015 What do you guess are the chances of them opening for the season? 1 Quote
Steph88 Posted April 30, 2015 Posted April 30, 2015 I don't see how the park could possibly make a comeback. I loved the park as a kid, particularly Witches' Stew (I'm not sure what happened to it.) But what's the big draw to bring people in? Other than those of us who like it for historic value/nostalgia? Can they possibly bring in enough revenue to pay the debt and the property taxes? How could reopening for another season do anything but dig a deeper financial hole? (For the record: I'd love to see them succeed. Any park closing down is sad.) 4 Quote
darkrider68 Posted April 30, 2015 Posted April 30, 2015 A short drive away is Waldameer which is state-of-the-art in comparison. 4 Quote
Steph88 Posted April 30, 2015 Posted April 30, 2015 ^ One of my absolute FAVORITES. Very unique in that it has a small, family park feel with lots of trees and a wonderful atmosphere, but their owner is still always looking for ways to improve and add new ride experiences without turning it into a concrete slab. Waldameer is probably Conneaut Lake Park's main competitor. They both cater to a similar demographic of families rather than super-thrill-seekers. 4 Quote
darkrider68 Posted April 30, 2015 Posted April 30, 2015 I love Waldameer as well. This is the first year I probably will not be going in some time. Aside from attempting to slash the amount of money I spend on amusement parks every year, it's kind of bitter-sweet when I go there. I had great times with my kids there when they were younger and my (ahem) ex-girl friend at the time. I will miss 2 of my fav rides, Ravine Flyer 2 and Wacky Shack, but I think I'm going to go to Camden Park and try to go to Carowinds for some new experiences. It will be mostly a CP and KI season with a trip to Indiana Beach in July. Wasn't planning on IB, but my buddy bought a season pass and has free bring a friend tickets. Didn't get to ride Lost Coaster of Superstition Mountain anyway last time I was there, so hopefully it will be running!! 4 Quote
Hendrick Posted April 30, 2015 Posted April 30, 2015 I loved the park as a kid, particularly Witches' Stew (I'm not sure what happened to it.) According to an article, it was, as well as three other rides, listed for sale to help cover the cost of the rides that Conneaut had yet to pay in full. I guess repossessed is the right word. 2 Quote
Steph88 Posted April 30, 2015 Posted April 30, 2015 Yikes. But... Why wouldn't they repossess the rides that weren't paid for instead? 1 Quote
The Interpreter Posted April 30, 2015 Author Posted April 30, 2015 What do you guess are the chances of them opening for the season? That, in essence, is the judge's question. We will probably know next Tuesday. 2 Quote
Hendrick Posted April 30, 2015 Posted April 30, 2015 Yikes. But... Why wouldn't they repossess the rides that weren't paid for instead? I believe those are the 4 rides that were not paid for. 1 Quote
Oldiesmann Posted May 1, 2015 Posted May 1, 2015 If the trustees' lawyer is calling it a disaster and sees little hope for survival, you know things are bad... Quote
The Interpreter Posted May 1, 2015 Author Posted May 1, 2015 That was the creditors' lawyer... Remember, his goal is to get as much money as possible for the creditors. One of the goals of a reorganization is to get more money for the creditors than would a liquidation. The Trustees of the Park now have til Tuesday to show that opening the park would help achieve that and is even possible.... 3 Quote
The Interpreter Posted May 2, 2015 Author Posted May 2, 2015 Yes, this was written before last Tuesday's court action, but it adds rich detail: http://www.goerie.com/conneaut-lake-park-bankruptcy-case-to-resume-tuesday Last Tuesday, the Park Trustees were asking to delay their financing plan until June 30. The creditors opposed any extension. The Judge gave them an extension. A week. Quote
The Interpreter Posted May 3, 2015 Author Posted May 3, 2015 More: http://www.goerie.com/erie-otters-conneaut-lake-park-in-bankruptcy-court-this-week Trustees of the Park Lawyer George Snyder: "I am still hopeful. I am probably the only one." 2 Quote
The Interpreter Posted May 4, 2015 Author Posted May 4, 2015 BANKRUPTCY HEARING POSTPONED Til May 11, 10 AM Reason not given. http://m.meadvilletribune.com/news/local_news/conneaut-lake-park-bankruptcy-hearing-is-postponed-to-next-week/article_55312ca2-f29f-11e4-82a2-0b2197b687f1.html?mode=jqm 1 Quote
The Interpreter Posted May 4, 2015 Author Posted May 4, 2015 CONNEAUT LAKE PARK SAYS IT CAN GET $300K IN LOANS Creditors now have til May 11, 10 AM to respond to park's reorganization plan: http://www.goerie.com/conneaut-lake-park-says-it-can-get-300000-in-loans 2 Quote
Oldiesmann Posted May 5, 2015 Posted May 5, 2015 I still don't understand how getting further into debt will help them raise enough money to pay back the existing debt. 3 Quote
electricsun Posted May 5, 2015 Posted May 5, 2015 I was wondering that too. It's like using one credit are to pay another credit card. You are still in debt and the money has to be raised somehow to pay it all off. How is that going to happen? And how did they get a loan with the amount of outstanding debt? I get that business loans are different from personal loans. However it still doesn't make sense to me. 3 Quote
The Interpreter Posted May 7, 2015 Author Posted May 7, 2015 Commissioner Hopeful, allegedly delinquent in taxes, makes snarky reference to Conneaut Lake Park: http://m.meadvilletribune.com/news/commissioner-hopefuls-owe-thousands-to-governments/article_b98c0d40-f469-11e4-82b7-fb67ebaf4681.html?mode=jqm 2 Quote
Steph88 Posted May 8, 2015 Posted May 8, 2015 I don't understand why unpaid taxes is so common among politicians. You would think they'd get that stuff paid before running for office to protect their reputation. 4 Quote
The Interpreter Posted May 10, 2015 Author Posted May 10, 2015 Creditors Filed Motion Friday: http://www.goerie.com/conneaut-lake-park-creditors-push-to-see-payment-plan Things is gettin' ugly. 1 Quote
Oldiesmann Posted May 10, 2015 Posted May 10, 2015 Certainly not looking good for the park, and this loan thing still sounds absolutely ridiculous. The "economic development" loans are typically aimed at small businesses looking to start a new venture in the area - not for an amusement park millions of dollars in debt with creditors who are getting fed up with not getting paid. The fact that half of it is coming from the very company managing the park isn't saying a lot either. And planning to use it to cover costs related to selling something they don't even know if they can sell yet? That seems rather risky. 2 Quote
The Interpreter Posted May 10, 2015 Author Posted May 10, 2015 The motion hearings are tomorrow. Even IF the Park Trustees were allowed to borrow 300,000 MORE dollars to open this season, do you really want to ride rides in a park that only began on May 11 to prepare to open for the season? Off season maintenance typically takes months, not days. Then there's the Hotel Conneaut, whose lease the same Trustees who are begging the Bankruptcy Judge for mercy...revoked. A mess. A sad, sad mess. 1 Quote
Oldiesmann Posted May 10, 2015 Posted May 10, 2015 I have to wonder if the current management has any idea what they were getting themselves into. Certainly doesn't sound like it. Sent from my LG G3 using Tapatalk 1 Quote
The Interpreter Posted May 11, 2015 Author Posted May 11, 2015 Park Trustees Can Borrow, Have Until August 1 To Submit Reorganization Plan: http://www.goerie.com/conneaut-lake-park-has-more-time-more-money-to-reorganize-reopen EDIT: But see below. 4 Quote
darkrider68 Posted May 11, 2015 Posted May 11, 2015 Boy, debating whether or not it's worth the 2 hour drive to get a another ride on Devil's Den. Tempting. 3 Quote
The Interpreter Posted May 11, 2015 Author Posted May 11, 2015 This says of the 300k dollars in loans, only $150,000 was approved for now: http://www.erietvnews.com/story/29033206/conneaut-lake-park-gets-approval-for-loan-to-open-season 2 Quote
Steph88 Posted May 12, 2015 Posted May 12, 2015 So do you think they'll use the 150 to pay for the rides they owe money on? Or use it for general operations and leave those rides SBNO? (Dying to get one last ride on Witch's Stew!) Quote
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