Island One Resorts Emerges From Chapter 11 Reorganization
Orlando, FL, May 31, 2011 - Island One Resorts and its affiliate, Island One Resorts Management Corp. (IORMC), have successfully emerged from Chapter 11 bankruptcy. The company's Plan of Reorganization, sponsored by Timeshare Acquisitions, LLC, was confirmed by the U.S. Bankruptcy Court on May 4, 2011, and became effective on May 27, 2011.
"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."
The reorganized company retains operation of its eight resorts in Florida. As part of the restructuring, the company has divested certain inventory and assets, including Chenay Bay Beach Resort in St. Croix, USVI. The resort homeowner associations were unaffected by the Chapter 11 filing, and have operated normally throughout the reorganization period.
The company's executive team remains intact, with a refocus of energies and talents tailored to the new strategic plan. Linden will concentrate her efforts on strategic vision and development, identifying opportunities and partners to expand markets and evolve the brand. Sterling Stoudenmire, IV will become CEO of Island One Resorts, having served in the capacity of COO during the restructuring period. Sulyn Stumbras, CEO of IORMC and Club Navigo, will continue to direct front-to-back hospitality services and product development. Harry Christenson will continue in his role as CFO.