UPDATED: A Swiss bank-led lender group owed hundreds of millions by Tamarack Resort has raised objections to a proposal to sell the vacation development to an Idaho investment company.
However, it may not impact prospective buyer Green Valley Holdings from continuing to move forward with its attempt to purchase the troubled ski resort.
In court documents filed Dec. 28, the Associated Press reported that Credit Suisse Group attorneys wrote they don’t believe Green Valley Holdings’ letter of intent to buy the resort for $40 million “is in the best interests of the debtor’s estate and creditors.”
The bank says the offer is the latest sign that Tamarack majority owner Jean-Pierre Boespflug’s actions are “too little and too late.”
Credit Suisse is trying to get U.S. Bankruptcy Judge Terry Myers to convert Tamarack’s reorganization into Chapter 7 liquidation or send it back to state court foreclosure.
Credit Suisse represents a lender consortium trying to recoup some to recoup some $300 million from Tamarack, money from a 2006 construction loan that soured.
Valley County Economic Development Director John Blaye said any decision about the Eagle-based company’s offer to buy Tamarack must be approved by the court, even if Credit Suisse disagrees with it.
“The next step is that Green Valley Holdings must put together an asset purchase agreement that will be submitted to the federal bankruptcy judge for review,” Blaye said. “It is up to the judge to decide whether to accept the offer and move forward.”
Green Valley Holdings has until Jan. 16, 2011, to submit that agreement to Judge Myers. Other bids could also be considered during that time frame. After a final auction among all qualified bidders, a purchaser could be named as early as April 2011.
IBR Reporter Jennifer Gonzalez contributed to this report.