BUTTE – Rival parties vying for control of the bankrupt Yellowstone Club have reached a court-approved deal that gives CrossHarbor Capital Partners ownership over the resort.
Boston-based CrossHarbor will pay $115 million for the exclusive club. Of that, $35 million will be in cash and the other $80 million takes the form of a promissory note to Credit Suisse.
Under the agreement, claims that Credit Suisse drove the club into bankruptcy with a fraudulent $375-million loan will also be dismissed. Credit Suisse also has the option to buy a stake in the new CrossHarbor investment.
Bankruptcy Judge Ralph Kirscher has approved the parties’ deal Monday. The resort’s auction stalled repeatedly over legal squabbles last week.
Stay Connected with the Daily Roundup.
Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox.