Promontory Ranch Club Emerges From Bankruptcy
Posted by Utah Ski Properties on
Promontory Club Emerges From Bankruptcy - Successful Bidder is Affiliate of Original Developer
PARK CITY, Utah (April 17, 2009) – The U.S. Bankruptcy Court, District of Utah, today confirmed Pivotal 7000, LLC, an affiliate of Promontory’s original developer, Pivotal Group, as the winner of the recent auction of Promontory, a luxury second-home community in Park City, Utah. Bankruptcy Judge Judith A. Boulden named Pivotal’s bid as the winner, finding it to be in the best interests of Promontory and its members and creditors.
Promontory was forced into bankruptcy by its secured lienholders in March 2008, as a result of the global downturn in real estate. Since then, real estate development and Club operations at Promontory have continued…
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