Cross Atlantic, VPG secured creditor asks court to dismiss bankruptcy cases

By Caroline Salls

Pittsburgh, Aug. 28 - Cross Atlantic Real Estate LLC and VPG Investments, Inc. secured creditor Credit Suisse asked the U.S. Bankruptcy Court for the District of Idaho to dismiss the companies' Chapter 11 bankruptcy cases, according to Wednesday court filings.

Credit Suisse said the companies do not have a reasonable likelihood of rehabilitation and neither company has filed a plan of reorganization.

In addition, the creditor said Cross Atlantic and VPG have experienced a substantial and continuing loss to their estates.

Credit Suisse also cited an alleged gross mismanagement of the companies' estates and a lack of good faith related to their bankruptcy filings.

A hearing is scheduled for Sept. 22.

Cross Atlantic and VPG are the majority owners of Tamarack Resort. The companies filed for bankruptcy on Feb. 15, 2008. Cross Atlantic's case number is 08-00249 and VPG's is 08-00253.

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