The Shambhala Mountain Center in Larimer County filed for Chapter 11 bankruptcy protection 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.
The bankruptcy filing, made Monday in federal court in Denver, follows the Buddhist retreat’s announcement last month that it’safter becoming an independent nonprofit organization.
According 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. 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. 10, 2020.
As part of the Chapter 11 filing, the Shambhala Mountain Center has a $500,000 matching donation commitment from the Pema Chödrön Foundation, according to the news release. Other major donors have committed more than $250,000 toward the reorganization. The center is represented on a pro bono basis by Ropes & Gray, a global law firm.
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