NC's Ghost Town files for bankruptcy protection

MAGGIE VALLEY, N.C. -- A mountaintop tourist park in North Carolina that has struggled financially since reopening almost two years ago has filed for bankruptcy protection. The Asheville Citizen-Times reported Thursday that Ghost Town in the Sky filed Tuesday for Chapter 11 bankruptcy protection. The Old West-themed amusement park in Maggie Valley reopened in May 2007 after being closed for five years. The park is scheduled to reopen May 15. One of Ghost Town's five managing partners said the U.S. Agriculture Department holds a 70 percent guarantee on the primary loan facility held by a bank. Lynn Sylvester said the USDA has indicated it's willing to participate in a restructured debt arrangement. Ghost Town employs more than 200 people during the season and has an annual payroll of more than $2 million. (Copyright 2009 by The Associated Press. All Rights Reserved.)