Virgil, NY – The assets of central New York State’s Greek Peak ski resort will go to auction on March 19, a bankruptcy judge has ordered.

Judge Margaret Cangilos-Ruiz earlier this month approved a motion scheduling the auction at the ski resort’s lawfirm in Syracuse. A hearing on any potential sale resulting from the auction has been set for March 21 in U.S. Bankruptcy Court in Syracuse.

Al Kryger, president of Peak Resorts Inc., the 55-year-old ski resort’s current owner, has told news outlets that several parties have expressed interest in purchasing Greek Peak, about half of which are in the resort business, as well as confidence that any new owner will keep Greek peak open for skiing.

Facing an estimated $47 million in debt, largely attributable to a new indoor water park and overnight accommodations at Hope Lake Lodge, and listing $12.9 million in assets, Greek Peak’s owners filed for Chapter 11 bankruptcy protection in August. Their financial woes were compounded by the January 2012 failure of the resort’s primary lender, Tennessee Commerce Bank, of Franklin, Tenn. U.S. Sentator Charles Schumer (D-NY) even stepped in to urge the Federal Deposit Insurance Corporation (FDIC) to find an alternative source of credit funding for the resort when operations for the 2012-13 ski and snowboard season appeared to be in doubt.

The resort in the rural community of Virgil has been functioning in a normal capacity this winter, thanks in part to a $2 million line of credit extended by the FDIC.