LYNCHBURG — Financial problems are prompting Wintergreen Resort to cut some jobs and take other measures to reduce costs.
The News & Advance says the restructuring announced Wednesday by Wintergreen Partners Inc. includes eliminating fewer than a dozen full-time jobs and modifying operating hours for some amenities.
The restructuring is expected to save about $1.5 million annually beginning July 1.
Wintergreen also is taking steps to generate revenue, including creating a private debt offering for its members.
Last week, board of directors chairman L. Allen Bennett told the resort's members in a letter that mild weather has hurt revenues.
Bank of America has terminated Wintergreen's line of credit. The resort also is negotiating with the state over conservation easement tax credits.
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