Gated Community Near Park City Out of Bankruptcy

Summary

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A half-built private development of multimillion-dollar homes emerged from bankruptcy troubles on Thursday.

U.S. Bankruptcy Judge Judith Boulden approved a reorganization plan for Promontory, a 10-square-mile gated community with opulent clubhouses, golf courses and horse stables near the ski town of Park City. It is the first to recover among a handful of resort communities from Hawaii to Florida that were forced into bankruptcy by the real estate meltdown.

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Extract

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Gated Community Near Park City Out of Bankruptcy

The agreement, hailed by all sides, lets leading creditors represented by the Swiss investment bank Credit Suisse take over the private mountain community. In court papers, Cr...

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