BOISE -- Skiing at Tamarack Resort just became even less likely over the weekend, after some creditors took steps to force the resort into bankruptcy.
Tamarack Resort may be forced into bankruptcy by some of the companies that are owed millions of dollars.
Tamarack is already facing foreclosure, but it has not declared bankruptcy. This may change that.
The Chapter 7 bankruptcy petition was filed by Banc of America, which owns the resort's ski lifts -- and Petra Incorporated, which built portions of the resort.
Meridian-based Petra says it tried to settle this matter out of court with the big lender in this case, Credit Suisse. When that didn't work, the company and three other unsecured creditors filed this involuntary bankruptcy petition on Friday.
Those we talked with on various sides of this issue say it's a game changer! If it goes foreward, it means smaller companies like Petra, which is owed $1.5 million would get paid before Credit Suisse, which is owed nearly $300 million.
As you can imagine, Credit Suisse is expected to fight this petition, as is Tamarack Resort.
If a bankruptcy judge determines this case has merit, the foreclosure hearing and all other motions at the state level will be put on hold as this case moves to federal court.
Under the foreclosure proceedings which are scheduled for next spring, Credit Suisse would likely be the first to get repayment for monies owed.
Proponents of this bankruptcy petition say it will be faster than a foreclosure and will give smaller contractors and creditors a better chance of seeing some money.
Tamarack Resort has 20 days in which to respond to the petition.
One of the owners, Jean Pierre Boespflug, told us he will wait to make his comments in court, but he hopes this bankruptcy petition doesn't delay the foreclosure case.
Banc of America says its owned more than $4.5 million in lease damages. It's tried to repossess two of the ski lifts, but the judge won't allow it.
Tamarack's case is frequently compared to a similar situation at the Yellowstone Club in Montana. In that case, the bankruptcy judge said Credit Suisse had been "grossly irresponsible" in giving a $375 million loan to the resort. As punishment, the judge put Credit Suisse at the bottom of the repayment list.
In the end, all vendors and contractors were paid and the resort was sold.
