The U.S. Bankruptcy Court for the District of Utah recently granted the Promontory Club in Park City, UT an extension until April 30, 2009 of its DIP (Debtor in Possession) Financing. The Court also authorized Promontory and the Creditor Committee to enter into the Plan Support Agreement with Pivotal and Credit Suisse and set plan Confirmation Dates.
If the Court approves the proposed plan; the club membership agreements, lot purchase agreements and related develop agreements will be assumed and reinstated and the Promontory Club should be out of bankruptcy in April. The plan provides that the Credit Suisse lender group will take ownership of Promontory in March if that lender group is able to commit the funds necessary to assume and perform the agreements in the proposed plan.
For those willing to take the risk, there are many “deals” available on Promontory Club real estate.
To obtain additional information on the Promontory or Park City real estate market, please contact us at http://unlockparkcity.com