Simad Holdings has reached a deal to sell one of its New York summer camps as the bankrupt operator begins the process of offloading its assets.
Simad agreed to sell Camp Achim, a Jewish summer camp in the Catskills to the existing camp operator for $7 million, according to a filing on the Tel Aviv Stock Exchange. The deal has not yet been finalized.
Simad filed for Chapter 11 bankruptcy in June after its owners David and Michael Shabsels defaulted on about $200 million bond payments to Israeli investors. Simad also revealed that David and Michael Shabsels transferred $34 million of the bond raise to companies they control.
Simad, now under the control of a chief restructuring officer, recently secured $60 million in debtor-in-possession financing to allow its 30 summer camps, including Mohawk Day Camp in New York and Camp Blue Star in North Carolina, to operate this summer.
Simad is now seeking to sell off some of its camps to ensure creditors get paid back. The camps have received interest from various camp operators, many of whom are already involved in the camps. A group of nine camp operators recently submitted a bid to buy camps from the Simad estate. The camps include: Camp Chen-a-Wanda, Mohawk Day Camp, Camp Lokanda, Camp Echo and Camp Achim. The group sought to submit their bid as a stalking horse bid, according to court filings.
It appears that Simad reached a deal to sell Camp Achim individually, according to a Tel Aviv Stock Exchange filing. The sale suggests Simad’s restructuring strategy involves quickly selling off smaller camp properties first.
Simad became the talk of the bankruptcy world because of the sheer amount of debt owed and the unusual asset class — summer camps. Simad owes $344 million to secured creditors, which includes $214 million to Israeli bondholders. In addition, Michael and David Shabsels took on over $100 million from 42 high-interest merchant cash advance firms, who are considered unsecured creditors and are unlikely to get paid back.
The Camp Achim sale price of $7 million is slightly more than the December 2025 appraised value of $6.3 million. The camp will be sold to Camp Achim’s acting manager, Joseph Wilner, filings show.
The camp had a projected gross revenue of $3.3 million with 350 campers paying $1,750 per week for seven weeks for the 2026 session, according to the December 2025 appraisal. The appraisers noted the camp was the only charedi boys’ camp in its market in 2025.
When reached by phone, a receptionist at Camp Achim declined to comment.
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