Comerica Bank recently began foreclosure proceedings and set the auction date. Shanty Creek opened in 1962, Schuss Mountain in 1968. They merged in 1986, creating a 4,500-acre property consisting of 47 ski slopes, four 18-hole golf courses, miles of cross-country ski and mountain biking trails and hundreds of rooms. The resort is 30 miles northeast of Traverse City.
"The goal is to find a new lender to take Comerica's position as lead lender, and new equity to provide funds for capital improvements to update facilities that have not been updated due to limited cash flow," Go Forward says in a statement. "It is the [partnership's] intent to secure a new lender prior to Comerica's deadline."
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