There’s only one bid for the upcoming sale of Conneaut Lake Park.
Only one qualified bid — from Keldon Holdings LLC for $1.2 million — was submitted by Friday’s deadline, according to a filing made this afternoon with U.S. Bankruptcy Court for Western Pennsylvania.
No major objections to the auction sale itself were filed with the court by Wednesday's deadline for objections.
Trustees of Conneaut Lake Park, the nonprofit corporation that oversees amusement park operations, filed for federal Chapter 11 bankruptcy protection in 2014. Bankruptcy court rules require court approval for the sale of any assets
In January, the court approved Trustees of Conneaut Lake Park’s plan to auction off the park’s assets for at least $1.2 million.
Under the court approved Trustees’ plan, any successful bidder must allow continued public access to the park’s property. Certain parts of the property have restrictions requiring it to be open for use by the general public.
The plan required a minimum bid of $1.2 million for the assets with Keldon Holdings LLC listed as a qualified stalking horse bidder.
A stalking-horse bid is an initial bid on the assets of a bankrupt company. The stalking-horse bidder sets the minimum bid.
With no other qualified bids submitted by Friday’s 4 p.m. deadline, there now will be no auction held prior to the March 2 sale hearing, according to the bid procedures order.
Trustees of Conneaut Lake Park will ask the court to approve the sale of assets to the stalking horse bidder, Keldon Holdings LLC.
The assets include the amusement park, water park, beach area, Hotel Conneaut and the Camperland campground, as well as active leases on assets.
Check later with meadvilletribune.com for Tuesday additional details.