Moonlight Basin Ranch receives approval of $24 million DIP facility

By Caroline Salls

Pittsburgh, Dec. 8 - Moonlight Basin Ranch LP received final court approval of its $24 million debtor-in-possession facility from Lehman Commercial Paper, Inc., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Montana.

The facility will mature on the earlier of 18 months from the closing date and the effective date of a plan of reorganization.

Interest will be 5%.

As previously reported, Moonlight Basin originally received a commitment from Trilogy Capital for $21 million in DIP financing.

However, the company said the interest rate on the Lehman financing was much better than the 15% rate offered by Trilogy.

Moonlight Basin, an Ennis, Mont., resort, filed for bankruptcy on Nov. 18. Its Chapter 11 case number is 09-62327.

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