Simad Holdings' summer camps sold for $368 million after bankruptcy

Simad Holdings, the New York‑based owner of more than 30 Jewish summer camps, filed for bankruptcy after the Shabsels brothers defaulted on loans and bonds. A court‑ordered auction of 23 camp properties raised about $368 million, roughly 7 % above the 2025 appraisal value. The most notable transaction was the sale of Camp Mohawk in Westchester County for $120.8 million to FitzWalter Capital Partners, outbidding Warner Bros. CEO David Zaslav’s $80 million stalking‑horse offer.

Buyers included existing camp operators, private‑equity firms, and nonprofit groups such as a local Jewish Community Center. The bankruptcy filings revealed that the brothers had diverted $34 million to companies they controlled, prompting a criminal investigation by the Israeli Securities Authority and a parallel probe by the U.S. Department of Justice. Restructuring officer Assaf Ravid was appointed to manage the process and secure financing to keep the camps operating through the summer.