Moonlight Basin files for Chapter 11 bankruptcy

Tools

By The Associated Press

Story Published: Nov 19, 2009 at 8:25 AM MDT

Story Updated: Nov 19, 2009 at 8:25 AM MDT

BOZEMAN - Moonlight Basin Ranch says it has filed for Chapter 11 bankruptcy protection after Lehman Brothers decided to foreclose on an outstanding loan.

Court documents say the resort put its lodge, spa, Jack Nicklaus golf course and several entities up as collateral just over two years ago for the $100 million loan. Lehman Brothers moved to foreclose on Moonlight Basin in September after the resort defaulted on the loan.

Resort officials say that with the bankruptcy filing, the foreclosure action will be stayed until the reorganization of the company moves forward.

Moonlight Basin, which covers 7,800 acres in the Madison Mountains, employs more than 250 seasonal and year-round workers.

Resort officials say they intend to open for the ski season Dec. 12.

Add a comment

Name:

Comment: 1000 Characters Left

News, Sports, Weather for Great Falls, Helena, and all of Montana and its affiliated companies are not responsible for the content of comments posted or for anything arising out of use of the above comments or other interaction among the users. We reserve the right to screen, refuse to post, remove or edit user-generated content at any time and for any or no reason in our absolute and sole discretion without prior notice, although we have no duty to do so or to monitor any Public Forum.

Great Falls Weather

Icon
Current Temp 48.0 °F
Fair
Wind : South at 11.5 MPH (10 KT)
Pressure : 1020.1 mb
Humidity : 39 %
Click here for our video forecast
More Weather

Helena Weather

Icon
Current Temp 44.0 °F
Fair
Wind : Calm
Pressure : 1025.2 mb
Humidity : 49 %
More Weather

On Demand

Stock Quotes
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

Cast Your Vote

Have you stuck with your New Year's Resolutions?

  • Yes
  • No
  • I didn't make any resolutions this year

AP Video