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Update: Great Wolf gets 30-day extension on Ohio resort mortgage

The Capital Times  —  12/03/2008 8:33 pm

Madison-based Great Wolf Resorts announced that it has negotiated a 30-day extension of the Nov. 30  maturity date on the company's $76.8 million non-recourse mortgage loan on its Mason, Ohio indoor waterpark resort property.

During the 30-day extension period, the company will continue discussions with the lender to obtain a longer-term extension of the loan's maturity date. The terms of the loan are unchanged during the extension period.

Great Wolf said the property will continue to operate  normally.

Great Wolf could lose the two-year-old Ohio resort, which is adjacent to the Kings Island theme park, if it can't renegotiate the mortgage. A dried-up credit market seems to be the culprit, the Business Courier of Cincinnati reported earlier this month.

"We are disappointed with the lack of progress in our discussions with the loan's head lender toward obtaining an extension of the loan's maturity date," James Calder, Great Wolf chief financial officer, told the Business Courier. "The Mason resort continues to provide more than sufficient cash to service the current loan balance."

Madison-based Great Wolf could lose Ohio resort, report says

The Capital Times  —  12/03/2008 8:33 pm