BUTTE – A bankruptcy judge has approved short-term financing that will allow the exclusive Yellowstone Club to keep its doors open through the busy ski season.
U.S. Bankruptcy Judge Ralph Kirscher said Wednesday he will let the club borrow money from another lender, even though current loan agent Credit Suisse opposed the plan.
CrossHarbor Capital of Boston, Mass., will lend the club $20 million at 15 percent interest to allow it to pay hundreds of employees who run the lavish club’s operations.
The Montana resort caters to the extraordinarily rich and features a private ski hill, multimillion dollar homes and members such as Microsoft tycoon Bill Gates and Los Angeles Dodgers owner Frank McCourt.
Club members paid substantial sums for the privilege of building expensive homes in the gated resort.