Conneaut Lake Park bankruptcy plan hearing set for Sept. 1

MEADVILLE, Pa. (AP) – A federal bankruptcy judge has set a Sept. 1 hearing on a plan by a 123-year-old amusement park in northwestern Pennsylvania to exit Chapter 11 bankruptcy protection.

The nonprofit board that runs Conneaut Lake Park last year filed for bankruptcy protection to prevent a sheriff’s sale.

The bankruptcy exit plan filed last week calls for $927,000 in delinquent property taxes to be paid within a year, but $2.9 million in debts to other creditors could take as long as 20 years.

The plan includes raising an estimated $900,000 to $1.3 million by selling 330-feet of lakefront property that’s not needed to run the park. The rest of the money would come from insurance proceeds and park revenues.

The park opened in 1892 and is home to one of the nation’s oldest roller coasters, the Blue Streak.

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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