Financing Still Undecided for the Promontory Club in Park City, UT.
The U.S. Bankruptcy Court for the District of Utah was to issue an opinion on the $25 Million Pivotal DIP Financing proposal today, however, the parties asked Judge Boulden to delay announcing her decision until July 3rd. In the meantime, the parties will try to negotiate a Credit Suisse Loan Proposal (approximately $20 Million for 6 months). Promontory will either present a Credit Suisse Loan Proposal on July 2nd, or the Judge will decide whether to approve the Pivotal Proposal on July 3rd. On July 21st, the Court will hear either the Credit Suisse or Pivotal Loan Proposals and Promontory’s Motion for an extension of the period of time for it to file a bankruptcy plan.
Credit Suisse, Wells Fargo, and the Promontory Owners and Members Group (POMG) have all objected to the Pivotal Loan Proposal.
In any event, Pivotal will extend its current financing agreement through July 31st, 2008.
