Hermitage Club members allowed to intervene in bankruptcy
RUTLAND, Vt. (AP) — A court has given members of a now-closed private Vermont ski area approval to participate in the club’s bankruptcy proceedings.
The Bennington Banner reports some people on an ad-hoc committee of Hermitage Club members favor a petition filed against the club for involuntary Chapter 7 bankruptcy, which seeks asset liquidation, because it would allow members to gain influence over the club and its future.
Others say Chapter 7 will eliminate unsecured debt and hurt certain creditors.
The two companies that own the club filed for voluntary Chapter 11 bankruptcy, which seeks reorganization, in Connecticut last month and filed a motion to move the proceedings there.
The Hermitage is at Haystack Mountain in Wilmington.
The state shut down its business operations last year for failure to pay sales and use taxes.