The Yellowstone Club, filed for bankruptcy Monday, November 10, 2008 after its inability to secure financing arrangements with its creditors and bondholders.
Yellowstone Club spokesman, Bill Keegan said the Yellowstone Club filed Chapter 11 for protection in Montana federal bankruptcy court to protect the Club and its members.
Two months ago the Club, as it is called in the area, had announced it would begin new growth in conjunction with Arizona-based Discovery Land Company, but the recent national financial collapse forestalled this method.
Ensconced in Montana's Madison Range mountains, between the Gallatin and Madison Rivers, the gated, 13,400 acre Montana ski and golf resort opened in 1999, and holds memberships for former cycling great, Greg Lemond, Microsoft co-founder, Bill Gates, and former Vice President, Dan Quayle.
"We felt this step was necessary to address short-term liquidity constraints and preserve Yellowstone Club's long-term future," Yellowstone Club CEO, Edra Blixseth said.