BILLINGS, Mont. - Court documents show the exclusive Yellowstone Club resort in Montana owes an estimated $343 million to creditors such as banks and local contractors.
The residential club for the ultra-rich on Monday filed for Chapter 11 bankruptcy protection. The court filing says tight credit markets had made it difficult to raise money to pay off those debts and make needed repairs to the resort.
Founded in 1999, the invitation-only club in the Gallatin Mountains counts Bill Gates and Dan Quayle among its 340 members. It had been planning a sweeping expansion when the credit crisis hit Wall Street. That choked off the club's flow of capital, demonstrating that even some of the elite are not escaping the nation's economic woes.
Attorneys for the club are to appear in federal court in Missoula on Wednesday to ask U.S. District Judge Ralph Kirscher to approve a $4.5 million loan so the resort can open for the winter.