Subscribe
  • News
    • Local
    • Regional
    • Business
    • Real Estate
    • Outlaw Partners
  • Arts & Entertainment
  • Opinion
  • Sports
  • Yellowstone
  • Events
Menu
  • News
    • Local
    • Regional
    • Business
    • Real Estate
    • Outlaw Partners
  • Arts & Entertainment
  • Opinion
  • Sports
  • Yellowstone
  • Events

Lehman Brothers and Moonlight Basin’s settlement agreement will be submitted to Montana Bankruptcy Court

in News
Megan Paulsonby Megan Paulson
July 25, 2011

Subject to bankruptcy court approval, Moonlight Basin and Lehman Brothers Holdings Inc. (“LBHI” or “Lehman”) announced last week an agreement has been reached that will result in the sale of substantially all of Moonlight Basin’s assets to an affiliate of LBHI under Moonlight Basin’s chapter 11 plan of reorganization and the dismissal of all claims in the adversary proceeding between Lehman and Moonlight Basin. Completion of the transaction, which is expected over the course of the next several months, will facilitate Moonlight Basin’s emergence from chapter 11. Under the proposed plan, Lehman will supply funds sufficient to satisfy in full the claims of Moonlight Basin’s administrative creditors and provide a recovery for Moonlight Basin’s unsecured creditors.

“We are delighted to have reached a settlement with Moonlight Basin and to move toward ensuring the long-term success of the Resort,” said Phil Cyburt, managing director at Alvarez & Marsal, the professional services firm that is overseeing LBHI’s real estate asset management.

Since 2007, Lehman has been funding Moonlight’s operations, which include ski, golf and lodging. In 2009, Lehman put in place a debtor-in-possession (DIP) credit facility to continue funding operations during Moonlight’s chapter 11 bankruptcy. When Lehman takes ownership, anticipated to occur later this year, Lehman plans to continue operating the resort and to open for the 2011 ski season on schedule.

Article Inline Ad Article Inline Ad Article Inline Ad
ADVERTISEMENT

“For more than three years, Lehman has focused resources to maintain the operations and integrity of the Resort,” said Cyburt. “Our commitment to the property has not wavered and remains aligned with supporting the local economy and community.”

The Moonlight team will continue to manage operations of the Resort.

“This agreement further ensures Moonlight will remain financially stable with continued long-term operations,” said Russ McElyea, Chief Operating Officer for Moonlight Basin. “Our summer and winter programs will continue to deliver outstanding experiences for our guests. Moonlight Basin is an integral part of the Big Sky Community, and this agreement will deliver a positive outcome for our employees, vendors, guests and for the community as a whole.”

ADVERTISEMENT
Outlaw Realty Outlaw Realty
ADVERTISEMENT
ADVERTISEMENT

Listen

Hoary Marmot Podcast

Joe Borden & Michele Veale Borden

Lastest Episode
See More Episodes
outlaw realty montana outlaw realty montana
ADVERTISEMENT
Outlaw Realty Big Sky Bozeman
ADVERTISEMENT

Upcoming Events

Jul 10
11:00 am - 5:00 pm Event Series

June Show at the Big Sky Artists’ Studio & Gallery

Jul 10
6:00 pm - 8:00 pm

J. Carmichael performing at Bitter Root Brewing

Jul 11
11:00 am - 5:00 pm Event Series

June Show at the Big Sky Artists’ Studio & Gallery

Jul 11
7:00 pm - 9:30 pm Event Series

Trivia at the Waypoint

Jul 12
10:00 am - 2:00 pm

Cretaceous Crossroads Education Celebration

View Calendar
Event Calendar

Related Posts

David Yarrow photograph heads to Wildlands auction through Courtney Collins Fine Art
Arts & Entertainment

David Yarrow photograph heads to Wildlands auction through Courtney Collins Fine Art

July 9, 2025
Gallatin Whitewater Fest celebrates community, competition and crowns river royalty
Featured

Gallatin Whitewater Fest celebrates community, competition and crowns river royalty

July 1, 2025
Uncle Dan’s Cookies moves forward with new owner, same sweet legacy
Business

Uncle Dan’s Cookies moves forward with new owner, same sweet legacy

June 30, 2025
To the Tune of Hope
Featured

To the Tune of Hope

June 27, 2025

An Outlaw Partners Publication

Facebook-f Instagram X-twitter Youtube

Explore Big Sky

  • About/Contact
  • Advertise
  • Publications
  • Subscriptions
  • Podcast
  • Submissions

Outlaw Brands

  • Mountain Outlaw
  • Plan Yellowstone
  • Big Sky PBR
  • Wildlands Music
  • Outlaw Partners
  • Outlaw Realty
  • Hey Bear

Copyright © 2025 Explore Big Sky | Terms of Use | Privacy Policy | Your Privacy Choices

No Result
View All Result
  • News
    • Regional
    • Business
    • Outlaw Partners
  • Yellowstone
  • Arts & Entertainment
  • Sports
  • Opinion
  • Real Estate
  • Events

©2024 Outlaw Partners, LLC. All Rights Reserved.

Explore Big Sky Logo
  • News
    • Local
    • Regional
    • Business
    • Real Estate
    • Outlaw Partners
  • Arts & Entertainment
  • Opinion
  • Sports
  • Yellowstone
  • Events
Subscribe
Facebook X-twitter Instagram Youtube