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SALT LAKE CITY (AP) -- Credit Suisse is unable to raise the money needed to bring a gated community near Park City out of bankruptcy.
The Swiss investment bank filed the disclosure last week in U.S. Bankruptcy Court in Salt Lake City.
It means an April 15 auction will be held for Promontory, a 10-square-mile community of multimillion-dollar homes, opulent clubhouses, golf courses and horse stables near Park City.
Bankruptcy lawyers told The Associated Press the bank is likely to participate in the auction to make sure the development isn't sold for pennies on the dollar.
Credit Suisse provided much of the financing for Promontory. It arranged loans of $275 million that were sold to hedge funds and other investors. Credit Suisse says the developer went into default in December 2007.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
