BILLINGS, Mont. (AP) -- Court documents show the exclusive Yellowstone Club resort in Montana owes more than $343 million to creditors such as banks and local contractors.
The residential club for the ultra-rich filed for Chapter 11 bankruptcy protection Monday. The court filing says tight credit markets made it difficult to raise money to pay off debts and make repairs to the resort. The club also wants court approval of a $4.5 million loan to keep the resort open.
Critics have accused the club's founders, Tim and Edra Blixseth, of going on a spending spree even as the luxury real estate market stagnated. That included the purchase of at least four foreign estates and fleets of luxury jets, boats and vehicles.
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