Billings, Mont. – A federal judge says he will approve a $20 million financing plan for the exclusive Yellowstone Club - money that will keep the resort open through winter while it
struggles to settle $399 million in debts.
The residential club for the ultra-rich, which boasts its own ski hill on 13,600 acres near Yellowstone National Park, filed for bankruptcy protection last month following months of financial turmoil.
The loan from Boston-based CrossHarbor Capital buys the club several months to come up with a new business plan. In the interim, U.S. Bankruptcy Judge Ralph Kirscher will hold a January hearing to probe why the club has not pursued repayment of $275 million in loans to its founders, Tim and Edra Blixseth.