Sunday, December 13, 2009

Dutchess County YMCA files for bankruptcy

The Poughkeepsie Journal reported that the Dutchess County YMCA has filed for Chapter 11 bankruptcy protection, hoping to use proceeds from the sale of its shuttered facility to settle debts and once again offer programs to residents.

Whether that will happen depends on how much the agency can make from the sale of its 40-year-old Montgomery Street facility in the City of Poughkeepsie, which closed in January following financial problems caused in part by the struggling economy.
Thomas Genova of Wappingers Falls, the YMCA's bankruptcy attorney, said the sale could allow the agency to pay creditors and emerge from bankruptcy within two years.
"We're hoping for a successful case where all creditors are satisfied in full," Genova said.

The YMCA's 60,000-square-foot building has been on the market for more than a year at $1.95 million. Read more here.