Before we get into the Promontory update…..here is a little info about what has been going on lately…It snowed like crazy earlier this week, which made for a few epic ski days! Now things are warming up, and we are getting ready for a weekend of bluebird spring skiing!
In the market over the past 10 days, we have seen an average of 3 properties go under contract, 2 properties close, and 13 properties come on the market each day….a lot of inventory out there!!! Tomorrow we will go into a more specific market update….now for the Promontory update:
The U. S. Bankruptcy Court for the District of Utah today confirmed the Joint Plan of Reorganization for Promontory. The plan provides for the first lien lender group headed by Credit Suisse to form a new entity that will take ownership of Promontory’s operating companies, subject to Credit Suisse’s arrangement of exit financing. Presuming the arrangement of necessary funds, the plan is scheduled to close on March 23, 2009 allowing Promontory to emerge from bankruptcy on that date.
The proposed plan of reorganization protects the interests of Promontory’s residents, owners and Club Members. It also provides funding to continue development and amenity construction, thereby maintaining Promontory’s original vision as a four-season, multi-generational luxury community. Promontory Club’s membership agreements, and Promontory’s obligations under lot purchase agreements and related development agreements, will be assumed by the new owners. Further, most key operational employees will be retained as Promontory continues its high standard of member services while restoring its development and sales operations. Finally, the plan establishes a reserve for payment of unsecured creditor claims.
Things to Consider...
Related posts:
- Promontory groups agree on bankruptcy plan
- Promontory’s Bankruptcy Plan Amended
- Promontory is out of bankruptcy, and Pivital gets the project back!
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Tags: deer valley, park city golf, park city real estate, promontory bankruptcy, promontory deer valley, promontory golf, promontory park city, promontory real estate
