Warm Weather Leaves Wintergreen in Financial Trouble

Back to News
Posted: 5:46 PM Feb 6, 2012 Warm Weather Leaves Wintergreen in Financial Trouble An unseasonably warm December and January has left Wintergreen Resort with serious financial challenges that threaten its future, according to a statement Monday from Wintergreen Partners, Inc. Email Address: news@newsplex.com Wintergreen Official Statement

Font Size:

February 6, 2012

An unseasonably warm December and January has left Wintergreen Resort with serious financial challenges that threaten its future, according to a statement Monday from Wintergreen Partners Inc.

WPI and members of the Board of Directors met with equity owners to discuss "certain financial challenges which have developed over the past three months".

WPI reports a warm winter so far has left the resort with an estimated $2.5 million revenue shortfall through the end of January. Officials say continuing warm temperatures could create $1.5 million more in additional revenue shortfall before the end of the ski season.

Furthermore, WPI reports Bank of America terminated the resort's $3 million line of credit on Feb. 2 due to "financial covenant violations arising from reduced December revenue and income".

The Board of Directors approved several measures in order to address these financial challenges. First, they will start collecting 2013 member dues early. Second, a new $6 million private debt offering will be presented in March to investors. Lastly, the resort plans to reduce its operating costs by $1.5 million a year beginning in July 2012.

WPI did not mention any layoffs. To read the complete statement from Wintergreen Partners, click here.

Latest Comments

Posted by: Buck on Feb 8, 2012 at 06:53 PM

I'll drink to that. Yes I will.

Posted by: A resident Location: Nelson on Feb 8, 2012 at 06:19 PM

The county was 1000 times better before Wintergreen came along.

Posted by: gerg Location: va on Feb 8, 2012 at 06:49 AM

If you work at Wintergreen and have vacation time might want to use them before they go under and steal you time that is on the books do not let them steal your money that is what happened to me the company I worked for shut down top execs got taken care of the hourly people had their vacation time taken that is how the rich operate

Click here to post or read all 26 comments.