Taunya Fagan Bozeman Real Estate Blog: SW Montana Homes: MLS Listings: Big Sky, Montana: Short-Term Financing at Yellowstone Club Through Spring 2009

Big Sky, Montana: Short-Term Financing at Yellowstone Club Through Spring 2009

From Moonlight Basin Ski Area to the private Yellowstone Club Resort, most of the Big Sky, Montana ski resorts concerns have been fixed for the winter and it's snowing here in southwest Montana.

The skis are sharp, the bodies are willing, and 2-4 inches of snow are forecast for this evening; Big Sky's skiing and snowboarding season is here.

Even the Yellowstone Club is back in business, which means work through the winter for its many employees. Because of a Loan by Boston's CrossHarbor Capital of $20 Million, YC Ridgethe Yellowstone Club in Big Sky, Montana will survive winter 2008-2009. Bankruptcy Judge for the District of Montana, Ralph B. Kirscher, Esquire, approved short-term financing Wed., November 27, 2008 that will allow the exclusive Yellowstone Club, Big Sky, MT, to keep its doors open through the Big Sky, Montana 2008-2009 ski season.

Judge Kirscher, said he will let CrossHarbor Capital of Boston, Massachusetts lend the Yellowstone Mountain Club $20 million at 15% interest, enough to pay its 600 or so employees through the winter, all of which means the Big Sky economy should remain busy and fairly vibrant through Spring 2009. The Yellowstone Club's debts hover around $400 million, with about 77% of that owed to a Credit Suisse-managed investor group.

The Butte, Montana judge, Kirschner was unconcerned, to the chagrin of Credit Suisse, that the ruling would give Cross Harbor additional control over the Club, which is not what Credit Suisse was hoping for. Judge Kirscher wrote that even if the true value of the Yellowstone Club's "assets is only half" of what it claims, "Credit Suisse is still over-secured."

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0 commentsTaunya Fagan • December 02 2008 03:56PM

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