Ragged has been negotiating the sale of the area to a Utah based company but as of the end of February there was no definitive agreement. Rather than face foreclosure the area's owners were expected to declare bankruptcy after a petition for a temporary injunction was denied. However no bankruptcy proceedings were filed and just minutes before the auction the parties came to an agreement giving Ragged's owners a one month extension to solidify the sale.
The proposed sale for $10 million would allow Ragged to pay off the loan as well as other debts. Under the new agreement the area will remain open for the rest of this ski season with payment of the loan to Endeavor due on April 3rd.
Get More From On The Snow
Get snow reports, forecasts, and conditions for your favorite resorts, mountains and ski areas. Get Started