A federal judge has agreed to declare Tamarack Resort bankrupt, clearing the way for a trustee to begin liquidating the failed ski resort’s assets to pay back creditors.
In a ruling filed Wednesday, U.S. District Bankruptcy Judge Terry Meyers agreed to requests from a construction company and other creditors to the failed resort that Tamarack Resort be forced to go through the bankruptcy process.
The move means a trustee may begin the likely lengthy process of turning Tamarack’s equipment and other assets into cash, to be divvied up among its creditors.
The Swiss bank Credit Suisse is also moving in state court to foreclose on the Tamarack Resort property. The state court is charged with figuring out which creditors are entitled to recover their loans to Tamarack and which creditors will be first in line for cash. That case is set for trial this fall.