A deal is struck in the Conneaut Lake Park bankruptcy case.
A federal judge reversed an earlier court decision and now says all insurance proceeds from the fire that destroyed to the popular beach club in august 2013, should be paid to the company that bought the insurance policy and operated the club, Park Restoration LLC.
Based on the mediated bankruptcy agreement, that means some junior or secondary creditors in the bankruptcy may have to wait to get paid, if they get paid at all. Their re-payment may depend on proceeds from park operations. Primary creditors will be paid through the sale of park property.
Conneaut Lake Park is getting ready to open for another season Memorial Day Weekend and for the first time in a long time, the water park is going to be back in operation.