Trustees for Conneaut Lake Park in Conneaut Lake, Pennsylvaina, filed for bankruptcy protection on Thursday, December 4, in U.S. District Court in Erie. The filing took place less than 20 hours before the Crawford County amusement park was scheduled to go to sheriff's sale for nearly $930,000 in back taxes and related fees. The filing stops the sale, according to the Crawford County sheriff's office.
To emerge successfully from Chapter 11 bankruptcy protection, the Conneaut Lake Park trustees must now prove to a judge that they can run a sustainable business. Without a feasible plan of reorganization, the park might have to be sold.
A reorganization plan is due by April 3, according to a schedule set by U.S. District Judge Thomas P. Agresti.