Island One Timeshare Company Emerges From Bankruptcy June 2, 2011
Posted by John Stephens in : News & Events , trackbackGood news for timeshare owners of the resorts owned and operated by Orlando-based Island One Resorts, as the company has successfully emerged from Chapter 11 bankruptcy.
The company issued a press release stating that the U.S. Bankruptcy Court approved a restructuring plan which became effective May 27. The plan was sponsored by a company called Timeshare Acquisitions LLC, which was established to acquire the reorganized equity interests in Island One and Crescent One LLC.
The reorganized company retains operation of its eight resorts in Florida although, according to the agreement, Island One will no longer have an interest in Chenay Bay Beach Resort in St. Croix. The resorts have operated as normal throughout the process, according to Island One, and the HOAs have been unaffected during the negotiation.
“This restructuring allows the company to move forward with the capital necessary to implement our strategic plan,” said Deborah Linden, co-chair of the board. “We are now financially and structurally positioned to capitalize upon a very deliberate strategy for growth.”
Linden will focus on strategic planning and identifying opportunities, while Sterling Stoudenmire IV will become CEO of Island One Resorts after serving as chief operating officer during the restructuring period.
Island One Resorts operates eight resorts in Florida: Barefootn Resort, Bryans Spanish Cove, Liki Tiki Village, Orbit One Vacation Villas and Parkway International Resort in Orlando; The Cove On Ormond Beach; Charter Club Resort of Naples Bay; and Crescent Resort On South Beach.
Something like this is never good to be hanging over the heads of owners, despite the assurances of management that all is well. Anything can happen during a bankruptcy process, so it is excellent news that owners can rest assured their ownership interests are intact.
Now the real issue becomes how these resorts proceed into the future, especially in regard to any upgrades and refurbishments that are needed. Reserves are an important part of timeshare management and prospective buyers should ask resorts about their reserves and maintenance plans in order to ensure that their resorts are properly maintained and managed.
Florida timeshare is always a good value since people looking to buy timeshare or rent timeshare know they can usually depend on great weather and a chance to unwind and relax in the Sunshine State. You can find excellent deals on these and other timeshare resorts on the BuyaTimeshare.com website by clicking here.
Comments»
It appears that Timeshare Acquisitions LLC i s selling weeks for rental at the expense of Timeshare owners. If I own a week at Liki Tik and can’t use it because it was already rented or sold to an on line Hotel rental company, then what good is my week. I am told I cannot get into the resort, so what good does it do to buy a timeshare. I was looking to go to Florida in October (Low season) during Huricane season and was told nothing was available. Island one had something they called Club Navigo that gives you “Points” you can use,but I guess these are only if they can’t sell the week.
OH Well another falicy of the Timeshare industry!!!!!