Reports are coming out that an offer to purchase Mystic Mountain Limited is in advanced talks from an unknown bidder. Given the fact that Mystic Mountain declared bankruptcy in February of 2022, it seems to be the logical choice for the company given that no one is willing to come in and provide the company with financial assistance.
The bankruptcy was forced after creditors, including Sky-High, called in more than $1.3 billion in debt after MML missed scheduled bond repayments.
Over the last couple of years, Mystic Mountain Limited (MML) has been depicted pretty negatively in the media. The problem is that Mystic Mountain has been a poorly run business and the internal instability further added to the troubles ripping away at the company.
Critics might say that Covid-19 impacted the company, there is some truth to that statement, but they should’ve been able to recover like any resilient business and given the brand they had created regionally and internationally.
Given the company’s track record of unpaid debt, no one is willing to take that risk especially given the global instability that is affecting particularly the western hemisphere.
Despite the imminent sale of the company, there is a major elephant in the room, it is the fact that Rainforest Adventure Holdings Limited (RAHL), is said to have filed a lawsuit against the receiver who is managing the deal.
The precise grounds of the legal action, the latest of several that have dogged Mystic Mountain for the past few years, have not been ascertained. Lead attorneys for Karibukai at the Kingston-based law firm DunnCox were not immediately available for comment.
It is understood that the matter is scheduled to be heard in the commercial division of the Supreme Court in mid-October.
Overall, it is yet to be seen how big of a role this might play in the deal, it depends on how far Rainforest Adventure Holdings Limited is willing to go. The fate of Mystic Mountain might not be drafted as yet but it is clear to all where all roads destined for the company will lead.
