FINDLEY LAKE - It has not been determined how Peek'n Peak Resort & Spa will be sold, but it will be done by Aug. 25.
According to recently filed court documents, the resort will either be sold through competitive bidding or a live auction. Those interested in bidding on the resort must submit their proposals by Aug. 12 to David O. Simon, the court-appointed trustee overseeing the Findley Lake resort's operations.
Once the bidding process is complete, Simon and officials representing the primary creditor, Huntington National Bank, will review and negotiate with those submitting the three top offers - or all bids within 10 percent of the highest purchase price.
Simon and bank officials will select the top offers and will meet with such qualified bidders to negotiate the final price for the purchase of the resort. Each of the top qualified bidders will submit its final, highest and best offer on a purchase agreement form by Aug. 22.
At the discretion of Simon and Huntington, the trustee may notify the top bidders that in lieu of accepting a final offer an auction will occur Aug. 24. The highest offer at the auction will be the successful bidder.
The court will then conduct a final hearing to consider approval of the successful bid Aug. 25.
On May 26, 2010, Paul Kiebler, owner of Peek'n Peak Resort and Spa, filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code to reorganize the business in an attempt to become profitable. However, since it filed for bankruptcy, Kiebler failed to create a plan to reorganize its debts. In May, court officials accepted an agreement between Huntington National Bank and Kiebler to sell the resort in bankruptcy court by Sept. 1.
In June, because of a lack in confidence in Kiebler, a court-appointed trustee, Simon, took control of the tourist attraction.