Moonlight Basin files for Chapter 11 bankruptcy

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By The Associated Press

Story Published: Nov 19, 2009 at 8:25 AM MDT

Story Updated: Nov 19, 2009 at 8:25 AM MDT

BOZEMAN - Moonlight Basin Ranch says it has filed for Chapter 11 bankruptcy protection after Lehman Brothers decided to foreclose on an outstanding loan.

Court documents say the resort put its lodge, spa, Jack Nicklaus golf course and several entities up as collateral just over two years ago for the $100 million loan. Lehman Brothers moved to foreclose on Moonlight Basin in September after the resort defaulted on the loan.

Resort officials say that with the bankruptcy filing, the foreclosure action will be stayed until the reorganization of the company moves forward.

Moonlight Basin, which covers 7,800 acres in the Madison Mountains, employs more than 250 seasonal and year-round workers.

Resort officials say they intend to open for the ski season Dec. 12.

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