WCAV-WVAW-WAHU | Charlottesville, Virginia | News

Wintergreen Considering Selling Property

May 8, 2012

Wintergreen Resort officials are considering several options to improve the resort's financial security, including selling all or part of the property.

Other options include a joint venture with another entity and recapitalizing Wintergreen's balance sheet.

The Nelson County Times (http://bit.ly/yrRPh4) reports that vice president and chief financial officer Rob Sullivan described possible steps that could be taken in a statement released Monday.

The resort encountered financial problems earlier this year because of a mild winter, the loss of its $3 million line of credit with Bank of America and a tax credit dispute with the state.

Wintergreen asked its members for help and sent renewal notices for 2013 about four months earlier than usual. Sullivan says that effort raised about $4.1 million.

The resort also settled the tax credit dispute.


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