Liftopia to Be Acquired, Promises to “Settle” Debts With Partners
The identity of the acquiring company remains unknown for now
August 21, 2020
In an email sent to partners this afternoon and shared with The Storm Skiing Journal, Liftopia co-founder and CEO Evan Reece announced that the company had signed a letter of intent to be acquired by a yet-to-be-named entity. The transaction, should it be completed, would infuse Liftopia with enough cash “to settle with any partners with whom we are not in good standing.” It was unclear from the memo whether this meant that partners, many of whom have yet to be paid for March lift ticket sales, would be repaid in full or at some reduced rate.
“We’re ecstatic about the path ahead and believe you will be too,” Reece said in the email.
The announcement follows several months of tension between Liftopia and its partners, four of whom tried to force Liftopia into involuntary Chapter 11 bankruptcy in federal court in June. The court dismissed the petition earlier this month. Court records show that Liftopia collectively owes the four companies nearly $3 million, including more than $2 million to Aspen Skiing Company for Mountain Collective pass sales. Alterra, Arapahoe Basin, and Boyne Resort’s Cypress Mountain also joined the petition.
Posted from the Storm Skiing Journal
