Promontory Ranch Club Bankruptcy Update from

Posted by Utah Ski Properties on Thursday, April 2nd, 2009 at 9:46pm.

Taken from For more information on Promontory real estate and to view homes and lots for sale go to

April 17, 2009 -
Court hearing to confirm auction results.

April 15, 2009 - Auction among qualifying bidders.

April 13, 2009 - Deadline for Bids by bidders with the financial wherewithal to, among other things, close the sale transaction and sustain Club operations pending a resumption of lot sales.


March 19, 2009, 2:58 pm - Pursuant to the Plan, Credit Suisse gave the parties notice that it is unable to obtain the Exit Financing necessary to implement the Plan by the Effective Date. Consequently, as provided for in the plan, there will be an auction on April 17, 2009.

To participate in the Auction, bidders will have to prequalify by showing that they have the financial wherewithal to sustain Promontory's club operations pending resumption of lot sales.

March 12, 2009, 9:00 am - With all voting classes voting 100% for the plan, Judge Boulden confirmed the Joint Bankruptcy Plan proposed by Promontory and Credit Suisse. Plan deadlines appear above.

February 12, 2009, 9:00 am - Court approved the following Second Interim Fee Applications (August, 2008 - November, 2008):

- Stutman Treister(Debtors' Counsel) .. $1,016,935.80
- Stoel Rives (Debtors' Counsel) ........ $266,427.43
- RSM (Debtors' Financial Advisor) ...... $116,738.04
- Parsons Behle (Committee's Counsel) ... $200,016.44


Creditors will receive the Court-approved Disclosure Statement and the proposed Reorganization Plan by mail later this week or early next week.

January 29, 2009 - Bankruptcy Court (i) approved extending the DIP financing through April 30, 2009; (ii) authorized Promontory and the Committee to enter into the Plan Support Agreement with Pivotal and Credit Suisse (see "Other Pending Issue Documents," left); and (iii) set Plan Confirmation Dates (see "Upcoming Events," above).

January 15, 9:00 am - Promontory's lawyers advised Court that Credit Suisse, Committee, Pivotal and Promontory have agreed in principal to a reorganization plan. That agreement ("Plan Support Agreement") is posted to the left.

Under the proposed plan – if it is approved by the Court – the club membership agreements, lot purchase agreements and related development agreements will be assumed and reinstated, and Promontory should be out of bankruptcy in April.

The plan, in very general terms, provides that the Credit Suisse lender group will take ownership of Promontory in March (we expect that many if not most of the key operational employees will be retained), but only if that lender group is able to commit the funds necessary to assume and perform the agreements referred to above. If the lender group is unable to do so, then there will be an auction among potential acquirers who are able to do so. While it has agreed to support this plan, the Committee has retained the right to contest, if necessary, the lender group’s (or any auction bidder’s) ability to assume and perform those agreements. In the Committee’s view, that ability is the most important qualification for Promontory’s ownership going forward.

January 2 - Committee responds to Credit Suisse's Motion to Terminate Exclusivity by stating that it has no objection and hopes that terminating exclusivity leads either to competing viable plans or a consensual plan.

View Promontory homes for sale

View Promontory lots for sale

Utah Ski Properties
Engel & Völkers Park City
890 Main Street, Park City, Utah 84060
Linda: 435-640-4816 | Jason: 435-602-9294


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