A judge has set a Sept. 1 hearing on a plan by a 123-year-old amusement park to exit bankruptcy protection, the Associated Press reported yesterday. The nonprofit board that runs Conneaut Lake Park last year filed for chapter 11 protection to prevent a sheriff's sale. The bankruptcy exit plan filed last week calls for $927,000 in delinquent property taxes to be paid within a year. But $2.9 million in debts to other creditors could take as long as 20 years to repay and, even then, the plan offers other creditors "the potential for a modest recovery," meaning only part of the money they're owed. The plan includes raising an estimated $900,000 to $1.3 million by selling 330 linear feet of lakefront property that's not needed to run the northwestern Pennsylvania park, which is home to one of the nation's oldest roller coasters, the Blue Streak. Chief U.S. Bankruptcy Judge Jeffrey Deller, in Erie, gave creditors until Aug. 25 to comment on or object to the plan.
