Golf community near Bozeman to file for bankruptcy

By Associated Press

Posted: Mar 26, 2010 11:48 AM
Updated: Mar 26, 2010 3:16 PM

BOZEMAN, Mont. (AP) - The developers of a 378-home luxury golf course community being built west of Bozeman say they plan to file for Chapter 11 bankruptcy protection this week.

The private, members-only community called Black Bull is being built on nearly 500 acres of the former Leachman Angus Ranch. The community's 18-hole golf course opened in the summer of 2008.

Developers plan to seek bankruptcy protection for the residential portion of the project by the end of the week. The move is being attributed to slow home sales and the failure of Black Bull's primary lender, California-based La Jolla Bank. The developers also face lawsuits from creditors.
      ---
      Information from: Bozeman Daily Chronicle,
http://www.bozemandailychronicle.com
     
      (Copyright 2010 by The Associated Press.  All Rights Reserved.)

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