Contractors can opt for 33 percent of what they are owed and hope for future proceeds when the properties sell. Or they can take a onetime 60 percent payment now of their total bill.
The former CEO of Jay Peak will provide assistance to the receiver on an “as-needed” basis.
The federal court must approve the deal. The money would be used to support operations at the ski resort and settle claims.
Jay Peak says the tram could be ready to go next week; state officials say safety problems could take months to resolve.