Pivotal Financing Approved for The Promontory Club in Park City, UT.
On July 3rd, 2008, Judge Judith Bolden of the Utah Bankruptcy Court approved the Pivotal DIP (Debtor in Possession) Financing Plan for $25 Million in interim financing for The Promontory Club. Credit Suisse, Wells Fargo and the Promontory Owners Management Group all objected to the Plan.
The day before the ruling, Promontory did not reach an agreement with Credit Suisse for an alternate financing plan.
On July 21, 2008 the Court will hear Promontory’s Motions for an extension of the period of time for it to file a bankruptcy plan.
