Island One Emerges From Chapter 11

From TimeSharing Today, July 2011

Island One Resorts and its Island One Resorts Management Corp. affiliate successfully emerged from Chapter 11 bankruptcy after its plan of reorganization was confirmed by the U.S. Bankruptcy Court and became effective on May 27.

The restructuring allows the Orlando-based timeshare company to move forward, said Deborah Linden, co-chair of the board. "We are now financially and structurally positioned to capitalize upon a very deliberate strategy for growth."

The reorganized company retains operation of its eight resorts in Florida. As part of the restructuring, Island One has divested certain inventory and assets, including Chenay Bay Beach Resort in St. Croix. The resort homeowner associations were unaffected by the Chapter 11 filing and have operated normally throughout the reorganization period, the company said in a news release.

Island One Resorts operates eight resorts in Florida: Barefoot 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.

The reorganization plan was sponsored by Timeshare Acquisitions LLC.