Promontory may emerge from bankruptcy
April 17, 2009
The U.S. Bankruptcy Court confirmed Friday that an affiliate of the original developer of Promontory has acquired the bankrupt property at auction, according to a prepared statement from Promontory.
Judge Judith Boulden named Pivotal 7000 the winner of an auction Wednesday that included two golf courses, several club houses and more than 1,000 potential lots at the Promontory gated community in the Snyderville Basin.
Promontory was forced into bankruptcy by its secured lien holders in March 2008, as a result of the downturn in real estate.
An auction of the luxury golf community ended Wednesday when a bank that’s owed money at Promontory and the Pivotal bidders disagreed, the Associated Press reported.
Credit Suisse and Pivotal contested each other’s bids for Promontory. Each side said the other bid wasn’t enough and didn’t satisfy terms of a court-approved reorganization.
"Promontory’s reemergence from bankruptcy, with new financing in place, should be viewed as good news for Promontory’s owner/members and for the hundreds of Promontory employees who work and live in the Park City community," Promontory Managing Director Rich Sonntag said in a prepared statement.
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The 10-square-mile community of multimillion-dollar homes and horse stables is located east of U.S. 40 in western Summit County.