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(Updates with resort details in fifth paragraph)
Oct. 14 (Bloomberg) -- Spanish Peaks Holdings II LLC, owner of a Montana resort, The Club at Spanish Peaks, sought bankruptcy protection to liquidate its assets.
The company, based in Big Sky, Montana, listed debt of as much as $500 million and assets of as much as $50 million in Chapter 7 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
Under Chapter 7 of the U.S. Bankruptcy Code, a trustee is automatically appointed to sell the company’s assets and distribute the proceeds to creditors.
Thomas J. Francella Jr., a lawyer representing the company, didn’t immediately respond to a phone call and e-mail seeking comment after regular business hours.
The Club at Spanish Peaks is a 5,700-acre private resort, surrounded by Yellowstone National Park, Gallatin National Forest, and the biggest ski terrain in the U.S., Big Sky resort, according to its web site.
Yellowstone Club, another private Montana ski resort near Spanish Peaks whose members included Microsoft Chairman Bill Gates and hotelier Barry Sternlicht, sought protection from creditors in November 2008 as real estate sales slowed, according to court records.
Spanish Peaks boasts an 18-hole golf course and private ski lift access to Big Sky Ski Resort. Members also enjoy fishing in the Gallatin River, where “A River Runs Through It” was filmed, horseback riding and mountain biking, among other activities. Stays at three-bedroom mountain homes start at about $1,200-a-night.
Some homes at the resort are going for about $1.95 million to about $5.88 million, according to listings on trulia.com.
The company shut and fired its workers this week, according to a report in the local paper, the Bozeman Daily Chronicle.
The case is In re Spanish Peaks Holdings II LLC, 11-13300, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--Editors: Andrew Dunn, Peter Blumberg
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