More than 60 Shabsels brothers properties, including over two dozen Jewish camps, are being marketed for sale, with a July 28 auction set after a July 17 bid deadline.
The restructuring follows Chapter 11 filings in New Jersey after the brothers defaulted on roughly $200 million in bond payments, owed more than $344 million to creditors and faced accusations of double-pledging assets.
Camp Achim in New York is the first camp reportedly nearing a deal, with its current acting manager in talks to buy it for $7 million, though the agreement is not yet final.
More than 70 potential buyers have already emerged, but some camps have non-debtor co-owners who may hold rights of first refusal and complicate sales.
About 20,500 campers could be affected; camps are operating this summer under interim financing, while staff and families say they still have little clarity on long-term ownership.