Boise, ID
High 43 | Low 26
Currently: 34°
Wed
40|31
Thu
45|33
Fri
46|32

Tamarack to close next week

BY BETHANN STEWART - bstewart@idahostatesman.com

Published: 02/28/09


Bookmark and Share
Share on Twitter Share on Facebook
print story email story to a friend
Comments (0) |

The financially imperiled Tamarack Resort will close March 5, spokesman Ken Rider said Friday night.

How long is unclear.

"It's a new development. We're still working on it," Rider said.

He believes it was a judge's decision to close the resort, which has been run by San Diego, Calif.-based receiver Douglas Wilson Co. since October.

Douglas Wilson will issue a formal announcement over the weekend, he added.

Two weeks ago, lenders led by investment bank Credit Suisse Group and Douglas Wilson Co. hadn't agreed to a renewed cash infusion needed to keep the resort afloat after February.

A state court judge tentatively approved a plan to use more than $2 million remaining from a $10 million October bridge loan from the Zurich-based bank to pay for operations until the end of this month. The money is left over because winterizing unfinished resort property didn't cost as much as previously anticipated.

As of mid-February, skier visits were at 27,000, leaving the resort with an operating deficit of $304,000 as of Jan. 23, more than the $133,555 deficit anticipated two months ago by Douglas Wilson.

Bethann Stewart: 377-6393

OPTIONS: Most Read Stories  |  Story Comments  |  Email story  |  Print story
hide comments

Story Comments
We welcome comments but ask that you remain on topic. Some comments may be reprinted elsewhere in the site or in the newspaper. Comments that are profane, personal attacks or otherwise inappropriate or are off topic are subject to removal. Repeat offenders will be blocked. Do not flag comments merely because you disagree with the comment.

more about comments here.
Local Deals
Find a Job
Keywords:
Location: