(BIG SKY, MT) - The ultra-exclusive Yellowstone Club, which filed for Chapter 11 bankruptcy protection Nov. 10, received a credit lifeline to stay open through the winter season. The lifeline, in the form of a $4.5 million loan, was approved Nov. 13 in U.S. Federal Bankruptcy Court in Montana.
Yellowstone Club co-founder Edra Blixseth sought the secured short-term financing so the private ski and golf club would be able stay open for the ski season and conduct normal operations as it completes a plan of reorganization.
Yellowstone Club announced it was going into Chapter 11 bankruptcy Nov. 10 in an effort to seek relief from mounting debt pressure originally estimated at $343 million. New court documents, however, show the Yellowstone debt to be at least $399 million. The club's assets are listed at $599 million.
According to Yellowstone Club spokesman Bill Keegan, Yellowstone Club management said that it expects to open for the ski season in early December and anticipates no disruption in services to its membership or winter season employment at this time.