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.