Conneaut Lake News
The Conneaut Lake Park plan to get out of bankruptcy and pay off creditors calls for some debt payments to extend 20 years according to documents filed with the U.S. Bankruptcy Court in Erie last week.
The plan was filed at the court on Friday, July 31, with a judge on Monday, Aug. 3, scheduling a hearing on the park’s plan to pay the $3.8 million in debts for September 1.
The plan suggests the four governments [Conneaut School District, Crawford County, and the townships of Sadsbury and Summit], owed over $900,000 in back taxes, would be paid in a year while others would wait longer with the plan saying payments on some debts would extend 20 years and others being paid a “modest” amount.
Creditors were given until August 25, to file their responses to the Park plan which relies on receiving the proceeds from the fire insurance on the burned down Beach Club and selling some land in the Park.
The main property to be sold is listed as the Flynn property which has 330 feet of lake front access and could generate from over $900,000 to $1.3 million.
Read more in this weeks issue.
For additional details about CL Park payout plan extends 20 years, as well as the headlines noted below, please purchase a Monday, August 10, newspaper at area locations or a digital download of the paper.
- Mister Mike’s now open! Family friendly eatery! Page 19!
- See what $19.98 can buy at Arcaro’s! Page 9!
- CL Presbyterian Church to celebrate 100th anniversary