Club lists debt to asset ratio at 10-to-1
Explorebigsky.com Editorial Staff
In a flash fire move that left employees jobless and members wondering what had happened, Spanish Peaks Holdings II filed for Chapter 7 bankruptcy in a court in Delaware.
The move comes just days after owners sent letters to its members and 100-plus employees saying it had released all staff and closed its doors indefinitely.
In court filings the club listed its assets at between $10,000,001 and $50,000,000 and its liabilities at between $100,000,001 and $500 million.
The club parallels actions taken in 2008 by the Yellowstone Club when it filed for Chapter 11 bankruptcy. That club remained open while in court and still operates today.
The previous owners of both clubs had originally started business together until splitting and starting independently on two separate, private clubs in Big Sky.
Spanish Peaks Holdings II had a page full of debt collectors on its bankruptcy filings, many of them local entities.