October 19, 2008 in City

Resort layoffs precede new loan, manager

Associated Press

DONNELLY, Idaho – Tamarack Resort laid off two-thirds of its 150 employees but plans to rehire them Nov. 3 after bankers at Credit Suisse extend a $10 million loan.

A receiver is due to take over management of the resort, which owes more than $273 million on a syndicated loan from the Zurich-based bank.

CEO Jean-Pierre Boespflug, who will be removed from his role once the receiver steps in, says 50 employees who remain will focus on keeping the resort’s ski and golf facilities from being compromised between now and when other employees return.

In an order signed Friday naming a receiver to run Tamarack, 4th District Judge Patrick Owen agreed to allow Boespflug to keep an office at the resort and let his staff sell real estate – even as the new team assumes control.

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