Owners blame banking crisis
Ghost Town in the Sky, Maggie Valley, North Carolina, has filed for bankruptcy protection and reorganisation under Chapter 11 of the US Federal Code. The park’s owners say finding the money run an attraction that was dormant for five years before they bought it in 2006 has proved tricky.
“The economic uncertainty, coupled with the banking and credit crisis that has engulfed the nation, has made obtaining a lender very difficult,” states Steve Shiver, Ghost Town president and CEO. “It is with this economic impact, preserving our relationships with vendors and protecting all of our creditors in mind that we now find no alternative but to file for bankruptcy protection. However, we feel that a reorganisation will allow us to open on schedule.”
It is hoped the park will appeal to a broader audience once The Cliffhanger rollercoaster is open. By completing the Incline Railway, Ghost Town will also save a significant amount of money on bus transportation and will attract more school groups who, in the 2007 and 2008 season, had to be bussed to the top of the mountain where the theme park stands