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Moonlight Basin Secures Financing for the Next Two Ski SeasonsPR Contact:Russ McElyea P.O. Box 1369 Ennis, MT 59729 Email: rmcelyea@moonlightbasin.com 406-682-6666 Moonlight Basin Secures Financing for the Next Two Ski Seasons Ennis, Montana – December 8, 2009 – The agreement reached today and approved by the judge, provides the funding necessary to operate Moonlight Basin resort for the next two ski seasons, during which Moonlight Basin will be working closely with a newly appointed CRO (Chief Restructuring Officer), William Henrich, on a comprehensive restructuring plan. With this agreement Moonlight Basin achieved the following important goals: 1. Certainty regarding funding and operation of the resort for the next two ski seasons while our team works on a long-term restructuring plan. 2. The ability to continue litigation against Lehman. 3. Continued control of the resort operation which ensures the current management team stays in place, therefore maintaining the Montana Hospitality guests and owners of the resort have come to appreciate and rely on. 4. Moonlight bargained for and obtained significant protections for secured lien holders. Lee Poole expressed his satisfaction with today’s outcome by saying, “We came to a mutual agreement that has the best interest of all of Moonlight Basin’s stakeholders in mind. We are grateful that the outcome of today will allow us to form a sound long term restructuring plan, have our day in court with Lehman, and most importantly, continue operations for the next two ski seasons. We look forward to moving into the next phase of reorganization for the benefit of all of our homeowners, vendors, clients and our communities. I'm excited to get our guests out on the hill this coming Saturday to enjoy the record early season snow fall and a mid-mountain base of well over 30 inches.” Today, December 7th also marks employee orientation for all of Moonlight Basin’s seasonal team members. This Friday, December 11, Moonlight Basin will host a special opening day for Moonlight Basin and Biggest Skiing in America season pass holders only. The following day, Saturday the 12th, will be the official opening day for the public. |
