Bankrupt Camp Operator Races to Stay Open Ahead of Summer Start

The bankrupt owner of dozens of summer camps, including one in New York’s Catskill mountains charging $16,500, is working with its lenders to tap cash in its accounts to pay counselors and cover the cost of supplies days before campers arrive.

Simad Holdings, now under the control of independent restructuring advisers, has sought court permission to tap roughly $18 million it had in its bank accounts when it filed for Chapter 11 earlier this month, according to court papers. The company has sought permission to pay roughly 4,300 employees who work at 30 camps in New York, Pennsylvania, Illinois ...