BILLINGS, Mont. - A federal judge said Friday he'll approve a financing plan to keep the exclusive Yellowstone Club open through the winter. But pressures are mounting for a change in ownership at the troubled Montana resort.

The residential club for the ultrarich, which boasts its own ski hill on 13,600 acres near Yellowstone National Park, filed for bankruptcy protection last month. That followed months of financial turmoil and the divorce of the club's founders, Tim and Edra Blixseth.

Edra emerged from the divorce with control over the club, which has an A-list membership roster including Microsoft's Bill Gates, former Senate Majority Leader Bill Frist and Los Angeles Dodgers owner Frank McCourt.

But the club is now at least $399 million in debt, according to court records. Those records reveal that many of its financial woes can be traced to $275 million transferred from the club to companies controlled by the Blixseths.

Attorneys involved in the bankruptcy case say there is increasing pressure for Edra Blixseth to come up with a permanent fix - a prospect clouded by tight credit markets that have stymied attempts to bring in outside financing.

At a Friday court hearing in Missoula, Mont., the club's chief restructuring officer, Ronald Greenspan, indicated a long-term financial solution would likely entail new owners.

"There are no further funds to operate it," Greenspan said. "It's a certainty that it's going to go into someone else's hands."

At the end of two days of hearings, U.S. Bankruptcy Judge Ralph Kirscher said he supports a $20 million loan from Boston-based CrossHarbor Capital to open the ski hill for the winter. That buys Edra Blixseth several months to come up with a new business plan.

"It would already be done now [but] we've had a lot of side issues," she testified on Thursday. "We haven't even started on a plan yet."

To join the club, members must buy properties at the mountain resort that can cost $10 million or more - on top of $18,000 in annual dues and a $300,000 deposit.

The financial firm Credit Suisse had previously pumped at least $375 million into the club - and allowed much of that to be diverted to the Blixseths. In Kirscher's bankruptcy court, the firm fought the CrossHarbor deal because its approval bumps Credit Suisse from the front of a long line of creditors.

Credit Suisse retains promissory notes from the $275 million in loans made by the club to Blixseth-controlled companies, according to court testimony. However, there has been no formal demand for repayment to date, prompting Kirscher to schedule a hearing into the issue in January.

Edra Blixseth also said she is trying to sell a French castle, Chateau de Farcheville, to cover the CrossHarbor loan.

After an earlier offer on the property fell through, she said the castle is now listed for 50 million euros - or about $67 million.

It is uncertain whether remaining proceeds would be returned to the club after the CrossHarbor loan is repaid. Blixseth personally owes CrossHarbor an additional $35 million - money she used to gain control of the club as part of her divorce settlement.

Credit Suisse lawyer Mark Chehi said estimates of the French castle's worth amount to "utter speculation." He said there was no assurance a sale would take place.

"The sale of the most expensive castle in Europe is going to take many, many months," he said.

The CrossHarbor deal was supported by a group of at least 135 members known as the Ad Hoc Committee of Yellowstone Club Members. They are eager to stabilize the club's finances so their property values are protected.