Wells Fargo commissioned an appraisal of the center’s primary real estate and valued the property at $7.7 million, according to a document dated Dec. The 2020 Cameron Peak fire, the largest wildfire in Colorado’s recorded history, further hampered the center’s abilities to generate revenue after a number of buildings and other infrastructure were destroyed.Īccording to its Chapter 11 filing, the Shambhala Mountain Center and Wells Fargo bank entered into a restructuring agreement on July 29, 2015, that consolidated all of the center’s outstanding debt into a single secured loan of $4.15 million. The center near Red Feather Lakes ran into financial difficulties in early 2019, in part, because of the shortfall in program revenues brought on by cancelations due to COVID-19 closures and the “the crisis in the larger Shambhala community,” according to a news release. The bankruptcy filing, made Monday in federal court in Denver, follows the Buddhist retreat’s announcement last month that it’s changing its name to the Drala Mountain Center after becoming an independent nonprofit organization. The Shambhala Mountain Center in Larimer County filed for Chapter 11 bankruptcy protection this week as it restructures debt in the wake of financial struggles brought on by the pandemic, the Shambhala Buddhism sexual misconduct scandal and the Cameron Peak fire. Digital Replica Edition Home Page Close Menu
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