SAM Magazine-Bozeman, Mont., July 27, 2011-Lehman Brothers will take ownership of Moonlight Basin under a plan the bank and the resort submitted Friday to U.S. bankruptcy court.

The agreement calls for Lehman to supply funds sufficient to satisfy in full the claims of Moonlight Basin's administrative creditors and provide a recovery for Moonlight Basin's unsecured creditors.

"This agreement further ensures Moonlight will remain financially stable, with continued long-term operations," Moonlight CEO Russ McElyea said in a prepared statement. "This agreement will deliver a positive outcome for our employees, vendors, guests, and for the community as a whole."

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