McHenry, MD – A creditor is contesting Wisp ski resort’s request for more time to find a buyer or file a financial reorganization plan.

Wisp lender First Union Bank filed its objection with the U.S. Bankruptcy Court in Greenbelt, Md. on Friday, indicating that it doubts the credibility of a letter of intent reportedly signed by Wisp owner D.C. Development LLC with one potential purchaser for Maryland’s only ski resort. First Union wants to continue negotiations with another potential buyer.

Neither potential purchaser has been identified.

The court in August granted D.C. Development a one-month extension on its August deadline to submit a financial reorganization plan, although the group originally asked for a two-month extension. The company is now back in court asking again for more time. D.C. Development filed for bankruptcy in October 2011. Facing over $23 million in debt, the company blames the decline in the housing market and a resulting slump in real estate sales at Wisp for its financial woes.