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Article: Vacation Charters' woes affect Jim Thorpe school district
- Article from:
- Northeast Pennsylvania Business Journal
- Article date:
- August 1, 1996
- Author:
CopyrightCopyright Northeast Pennsylvania Business Journal Aug 01, 1996. Provided by ProQuest LLC. (Hide copyright information)
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Vacation Charters' first step in emerging from three years in Chapter 11 bankruptcy also helped the Jim Thorpe Area School District prevent a 24-mill tax increase for area property owners.
But the Lake Harmony, Carbon County-based hotel/resort complex's financial woes have helped contribute to the school district's tax increases.
Vacation Charters owed the school district more than $1 million in taxes for the 1990-91, 1991-92, and 1992-93 school years when it filed on June 9, 1993, a Chapter 11 petition in the United States Bankruptcy Court for the Middle District in Pennsylvania.
As of May 1, taxes due plus interest totaled more than $2.3 million. Vacation Charters Ltd., owner of Split ...