March 11, 2014
Wintergreen Resort is asking its members for help in dealing with financial problems.
Wintergreen board of directors chairman L. Allen Bennett says in a Jan. 30 letter to the resort's 1,800 members that mild weather has hurt revenues. As a result, the resort defaulted on its line of credit with Bank of America.
The Nelson County Times (http://bit.ly/yrRPh4 ) obtained a copy of the letter.
According to the newspaper, Bennett wrote that Wintergreen Partners missed its December revenue target by $2 million. January revenue is expected to be $1.5 million below budget.
The letter asks the resort's members for support in raising $6 million. The money would be used to self-finance Wintergreen's working capital needs and underwrite operating losses resulting from the mild winter.