Bankrupt US ski resort for rich bouncing back with new approach

Big Sky, Montana

IN the weeks before the holiday season, snowfall at the Yellowstone Club is both a blessing and a curse. It is an essential ingredient for this 5,500 hectare private ski club just north of Yellowstone National Park. Yet, it is also an unwelcome wrinkle for the 2,000 to 3,000 contractors who come and go each day, racing to build homes, renovate lodges and break ground on new projects.

Just a few years ago, such activity would have been hard to fathom. This alpine redoubt defaulted on a US$375 million loan in November 2008, epitomising the risky loans and real estate speculation that precipitated the financial crisis, and it became mired in bankruptcy and a messy divorce case.