Filed under: Real Estate Developments
There's a new twist in the case of the the Tamarack Resort with another potential new buyer set to step up to the plate. In May 2009, the resort in Donnelly, Idaho officially closed. The resort has remained in bankruptcy court and the current owners still owe $300 million to a syndicate of lenders led by Credit Suisse Group, as well as facing unpaid bills from builders, contractors and suppliers who worked on the project.
The new candidate is Matthew Hutcheson who is behind Green Valley Holdings, a group based out of Eagle, Idaho. The group called a press conference to announce a $40 million cash offer to purchase the resort and have submitted a letter of intent to the U.S. Bankruptcy Court overseeing Tamarack's bankruptcy. They say that they have hired a team of professionals with expertise in real estate and resort management but one thing hasn't been stated, where the money is coming from. The terms also require Tamarack to close by March 15th, 2011. Back in August we heard of another offer but that one seems to have disappeared.