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SALT LAKE CITY (AP) -- A major resort community in Utah is emerging from bankruptcy.
U.S. Bankruptcy Judge Judith Boulden approved a reorganization plan on Thursday for Promontory, a 10-square-mile development of multimillion-dollar homes just east of Park City.
The agreement lets leading creditors represented by the Swiss investment bank Credit Suisse take over the private mountain community, which features opulent clubhouses, golf courses and horse stables.
Promontory is the first of a handful of troubled resort communities from Hawaii to Florida to emerge from bankruptcy troubles related to the sour economy.
Lawyers for the developer, investors and homeowners say the parties are pleased with the reorganization plan, which took about a year to negotiate.
Promontory was forced into bankruptcy last March.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
