BUTTE - Rival parties vying for control of the bankrupt and ultraexclusive Yellowstone Club have reached a court-approved deal that gives a Boston-based investment firm control over the resort.

CrossHarbor Capital Partners will pay $115 million for the resort located near Big Sky in southwestern Montana. Of that, $35 million will be in cash and the other $80 million takes the form of a promissory note to the investment bank Credit Suisse.

Credit Suisse, which made a $375 million loan to the resort in 2005, was the only other bidder in an auction that was repeatedly stalled last week over legal squabbles.

The deal paves the way for the confirmation of a bankruptcy reorganization plan, perhaps within the next week.

"It's bittersweet for me, but the goal of getting Yellowstone Club into a stable ownership and foundation for both the employees and the members has been met," said Edra Blixseth, the club's previous owner.

Edra took over control of the club in August 2008, as part of a divorce settlement with her former husband, Tim Blixseth. The two built the billionaire's retreat in the late '90s, attracting an invitation-only elite membership of about 300 that came to include Dan Quayle and Bill Gates.

A lawyer for the club members, Jonathan Alter, said in court Monday that they are satisfied with the deal, which will allow the resort to resume full operations and pay almost all of its unsecured creditors.

Under the deal, a fund of $15 million will be reserved for repayment of trade creditors. Another $4 million may be made available from other funds. And another $10 million may be used if it becomes available from the liquidating trust for repayment of other unsecured claims.

"Almost $30 million is going to the unsecured creditors, which is awesome," said Thomas Beckett, a lawyer for the creditors' committee.

The agreement also clears a thicket of pending litigation surrounding the club's bankruptcy.

Along with its note for $80 million, Credit Suisse wins dismissal of litigation claiming that the loan it made to the club in 2005 was fraudulent and drove the development into bankruptcy.

Bankruptcy Judge Ralph Kirscher issued a partial ruling last week that subordinated repayment of that loan, which he called a form of "predatory lending" that "shocked the conscience of the court," behind other debts.

A number of complaints against the club, including two objections filed by Tour de France star Greg LeMond, will also be dismissed under the agreement.

"We are extremely pleased that the future of the club has been secured and we can now turn our focus to serving the needs of our members and enhancing our world-class private living and recreation community," said Sam Byrne, managing partner of CrossHarbor, in an e-mailed statement.

Former club owner Tim Blixseth still faces allegations that he breached his fiduciary duty to the resort when he used most of the 2005 loan to pay down personal debts and buy luxury estates in Scotland, France and Mexico. Once attorneys involved in the loan were paid and Credit Suisse took its $7.4 million cut, just $38 million was left over for the club.

Tim Blixseth did not immediately respond to requests for a comment.

Kirscher approved the terms of the sale on Monday, but his final confirmation of the bankruptcy reorganization plan may take another week.

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