The former and current owner of Conneaut Lake Park’s water system jointly want the Pennsylvania Public Utility Commission to approve a transfer of ownership of the system, the Meadville (Pa.) Tribune reported. Trustees of Conneaut Lake Park Inc. is the former owner of the amusement park and its water system, while Conneaut Lake Park Water Corp. Inc. is the current water system owner. Conneaut Lake Park Water Corp. Inc. is a subsidiary of Keldon Holdings LLC, the amusement park’s new owner. Keldon purchased Conneaut Lake Park, its water system, grounds and other assets from Trustees of Conneaut Lake Park for $1.2 million in March 2021 in a public U.S. Bankruptcy Court proceeding. Trustees is the nonprofit corporation that oversaw operations of Conneaut Lake Park. Trustees filed for chapter 11 bankruptcy protection in December 2014 to reorganize its debts. Trustees needed U.S. Bankruptcy Court approval for any sale of assets. In early 2021, Trustees sought U.S. Bankruptcy Court approval to sell the park after the COVID-19 pandemic had forced the park to remain closed for the 2020 season. At sale-related bankruptcy court hearings, Trustees said that the forced closure had left Trustees with no operating capital and was in default under its chapter 11 bankruptcy plan. Trustees said it had no prospects to continue without either a sale to a buyer or converting its chapter 11 plan to a chapter 7 bankruptcy.
