Finance: Conneaut Lake could be financially sound

Posted at 6:27 PM EST (2327 GMT)

Dec. 31st, 2004 -- This week, the heads of the financially troubled Conneaut Lake Park presented a plan to a local judge that would allow the amusement park to operate without accumulating debt.

Having to borrow $300,000 each year for the past several years in order to open, the park is now $2 million in debt. The plan includes ways to pay off the debt and make additional loans unnecessary. According to board president Abe Finton, approval of the plan would not only remove the debt, but could also permit the park to build a year-round hotel.

There will be an open hearing when a park attorney will go over the plan with a judge, but the date has not yet been set.

See The Centre Daily for more.