Mountain Creek and Vernon's bankruptcy settlement has been approved by our Sussex County Freeholders Wednesday night. If approved this will be big news for Vernon and Sussex County. You can see the latest by clicking here. Thursday night Vernon officials will vote on whether or not to approve the settlement.
The pending lawsuit bankruptcy agreement between Mountain Creek and Vernon was being contested by Sussex County Freeholders. The Sussex County Counsel were making objections in an attempt to provide more safeguards for Sussex County with this deal regarding the $28 million sewer debt to Vernon. Mountain Creek's representatives feel the pending deal already provides sufficient safeguards, as they have reportedly raised nearly $1 million with their 7% municipal fee on tickets sold since September. This development is happening after Vernon school officials warned of upcoming budget cuts with possible increases in taxes last week. For the best possible interest of Vernon, Mountain Creek, Sussex County and beyond hopefully we can get this resolved soon. You can read the whole story from our friends at NJ Herald here.