SAM Magazine-Tamarack, Idaho, Feb. 22, 2008-The majority owners of Tamarack Resort have filed for Chapter 11 bankruptcy protection after the group failed to obtain an $118 million loan, which made it impossible to meet payment on an existing loan of $262 million from Credit Suisse. In all, the group owes more than $300 million to its lenders.

Boespflug's Cross Atlantic Real Estate, LLC, which owns 48 percent of Tamarack's stock, and partner Alfredo Miguel Afif, whose VPG Investments owns 27 percent, took action to prevent their main creditor, Credit Suisse, from foreclosing on a $262 million debt that could have transferred ownership to Credit Suisse.

The action has no impact on the resort's day-to-day operation, according to Tamarack CEO Jean-Pierre Boespflug. Despite the financing troubles, Boespflug told the Idaho Statesman, the resort is experiencing its best season to date, with revenues and skier numbers both exceeding expectations.

The ownership group is aggressively pursuing additional financing and cutting costs at the resort. In a prepared statement, Boespflug indicated the resort has postponed some construction plans. In addition, the resort has laid off an unspecified number of employees.