Six Maine Summer Camps Face Bankruptcy Amid Multimillion-Dollar Holding Crisis
A group of six Maine summer camps is among 30 facilities swept up in a large Northeast Chapter 11 filing by Simad Holdings, which lists more than $500 million in liabilities. The camps—Indian Acres and Forest Acres (Fryeburg), Camp Med-o-Lark (Washington), New England Golf & Tennis Summer Camp (Belgrade), Camp North Star (Poland), and Camp Wekeela (Hartford)—are tied to Simad’s umbrella of properties, which also includes a massive bond-financed operation run from the British Virgin Islands. The Shabsels brothers, who control Simad, filed personal bankruptcy after missing payments to Israeli bondholders and transferring $34 million to related entities, raising questions about whether bondholders can seize assets. About 19,900 campers visited Simad properties last year; the impact on this summer’s enrollments remains unclear.
