Thursday, November 19, 2009

Moonlight Basin files Chapter 11

Posted By on Thu, Nov 19, 2009 at 8:37 AM

As expected, the Big Sky ski resort filed voluntary petitions in U.S. Bankruptcy Court for reorganization under Chapter 11. The move is intended to allow Moonlight Basin to remain open during the season.

From the release:

Moonlight Basin concluded that Bankruptcy Court protection was necessary as a result of
Lehman Brothers’ decision to foreclose on an outstanding loan, and its threats to cease critical
funding, rather than work with Moonlight Basin to appropriately restructure its debt contrary to
its prior representations to Moonlight Basin. Chapter 11 protection will enable Moonlight Basin
to conduct its business operations as usual while it develops a long term reorganization plan.
With the bankruptcy filing, the foreclosure action brought by Lehman Brothers against
Moonlight Basin is automatically stayed while the reorganization goes forward.

And from COO Russ McElyea:

"This was a necessary decision brought on by Lehman Brothers’ actions, including its recent effort to foreclose on Moonlight Basin Resort and the uncertain future of the Resort resulting
from Lehman Brothers’ actions," said McElyea. "We decided that it is in the best
interest of the Moonlight Basin family, including our creditors, employees, customers, suppliers,
home owners, and the Montana communities in which Moonlight Basin operates to reorganize
under Chapter 11."

Also from the release:

Moonlight Basin’s staff, which consists of over 250 seasonal and year round employees are
excited about the upcoming ski season. This year, Moonlight Basin is part of a community wide
effort to promote Big Sky, Montana and the Biggest Skiing in America. The Moonlight Basin and
Big Sky Resort interconnect ticket provides access to over 5,500 acres of terrain. Moonlight
Basin is excited to offer a collection of new events and programs for the season, including a
Freeride Team, new SnowSports programs and expanded terrain park. In addition, Moonlight
Basin is proud to encourage academic achievement in our local community through our
legendary M‐BAR‐T program, which rewards scholastic achievement with free skiing at
Moonlight Basin. Each of these programs will continue without interruption.

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