SAM Magazine-Bozeman, Mont., Nov. 11, 2008-The Yellowstone Club filed for Chapter 11 bankruptcy protection yesterday, with a combined debt of $344 million and assets listed at $1.1 billion. The club is seeking court approval for a $4.5 million loan from Credit Suisse-to which it already owes $307 million-that would allow the resort to remain open and operate this winter, and asked for an expedited hearing for that purpose.

Over the past year, the club missed loan payments to Credit Suisse and has been trying to get construction back on track. In September, it contracted with Discovery Land Co. of Scottsdale, Ariz., to manage the club and build out the residential community, infrastructure and amenities. The club has blamed the economic and real estate downturns and tight credit markets for its squeeze. Critics have cited runaway spending on luxury jets, yachts, and foreign estates. \