David and Michael Shabsels’ summer camp empire files for bankruptcy
An American summer camp empire filed for bankruptcy after the owners, David and Michael Shabsels, missed their payments to bondholders in Israel and transferred 34 million to themselves. Simad Holdings, the owner of about 30 popular summer camps such as Camp Blue Star and Mohawk Day Camp, filed for Chapter 11 bankruptcy in New Jersey on June 4, listing 50,000 to 100,000 creditors and 500 million to 1 billion in liabilities. The company’s affiliates, which include dozens of camp and real estate subsidiaries, filed for bankruptcy as well. David and Michael Shabsels both filed for personal bankruptcy. Simad seeks to []This article originally appeared on The Real Deal. Click here to read the full story.
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