SAM Magazine--Ennis, Mont., November 19, 2009--Moonlight Basin Ranch announced that the company and its subsidiaries filed voluntary petitions in U.S. Bankruptcy Court for reorganization under Chapter 11.

Moonlight is seeking the protection in the face of Lehman Brothers' efforts to foreclose on an outstanding loan. In addition, Lehman Brothers have threatened to cease further critical funding. Moonlight's Chapter 11 protection will stay the foreclosure action and allow the area to continue to operate and reorganize for the future.

"This was a necessary decision brought on by Lehman Brothers' actions, including its recent effort to foreclose on Moonlight Basin Resort and the uncertain future of the resort resulting from Lehman Brothers' actions," said COO Russ McElyea. "We decided that it is in the best interest of the Moonlight Basin family, including our creditors, employees, customers, suppliers, home owners, and the Montana communities in which Moonlight Basin operates to reorganize under Chapter 11."

Moonlight will open according to plan on December 12.