News and real estate market updates for Park City's private golf communities and luxury real estate.

Promontory Club Real Estate News

Taken from www.promontorycommittee.com

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.

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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,…

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Promontory Club News & Updates

Promontory and Lien Holders Reach Agreement for Reorganization
On February 9, 2009, Promontory's operating companies, its secured lenders and the Promontory Unsecured Creditors Committee (comprised of Promontory Members and Owners and other unsecured creditors) reached agreement on a joint plan of reorganization for Promontory. This plan sets the stage for the resolution of the involuntary Chapter 11 bankruptcy proceedings brought against Promontory by a group of its second lien lenders last March.

The plan provides for the first lien lender group headed by Credit Suisse to form a new entity that will take ownership of Promontory's operating companies, subject to Credit Suisse's arrangement of exit financing. This plan,…

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