Oconomowoc, WI -A bank has taken control of the Highlands of Olympia ski area and Olde Highlander golf course in Oconomowoc in a court receivership action, and in turn has forgiven the majority of a $2.6 million debt assumed by their former owners, Warobick Enterprises LLC and KSGOLF LLC.

The court appointed receiver, Mikwaukee attorney Seth Dizard, arranged to sell the properties to ISB Community Bank, based in Ixonia, Wisc.

The change in ownership will not affect a lease with General Manager Casey Bingham to operate the ski area, but that lease expires in April and ISB has not yet divulged its future plans for the resort. Bingham, who has indicated that he wishes to extend the lease, resumed snowmaking just yesterday ahead of the ski area’s planned season opening, set for this Friday.

The neighboring Olympia Resort & Conference Center was not included in the transaction.

Highlands of Olympia is a 134-acre ski area with 205 vertical feet serviced by one chairlift and a rope tow. A separate tubing lift provides transport for a new snow tubing hill set to open this winter.