Upstate New York ski resort Greek Peak received the bankruptcy court's approval to access bankruptcy financing being provided by the Federal Deposit Insurance Corp. (FDIC), a situation the agency called "unprecedented" in court documents, Dow Jones DBR Small Cap reported today. Bankruptcy Judge Margaret Cangilos-Ruiz approved the $1.8 million worth of financing that will allow Greek Peak to continue operations during its chapter 11 case on Tuesday. The FDIC, usually tasked with unwinding failed banks, became involved in this case after the failure of Tennessee Commerce Bank.
