The owner of Maryland's only ski resort has filed for bankruptcy after defaulting on nearly $30 million of loans to BB&T Corp.
The Associated Press reported Monday that DC Development LLC, which has owned Wisp ski resort in McHenry since 2001, filed for Chapter 11 bankruptcy protection Saturday to give itself some breathing room while it seeks new investors.
According to news reports, DC Development borrowed $28.5 million from BB&T in 2007 to build a golf course community near the ski area. With lots not selling well in what is a weak market for vacation homes, the company still owes BB&T roughly $23 million, according to reports.
Selling the ski area to pay off the debt is an option, but DC Development said that it would only do so if absolutely necessary, the Associated Press reported.
