Island One Resorts Timeshare Files Chapter 11 Reorganization
Wednesday, September 15, 2010
The Island One Resorts Management Corporation filed for voluntary Chapter 11 reorganization this week in US Bankruptcy Court in Orlando, Florida. Island One Resorts is a 25-year-old, Orlando based timeshare developer that currently owns and operates eight Florida timeshare resorts and one Caribbean timeshare.
Island One includes five Orlando timeshares:
- Barefoot’n the Keys timeshare resort (Kissimmee)
- Bryan’s Spanish Cove
- Liki Tiki Village
- Orbit One Vacation Villas
- Parkway International Resort
The company’s other timeshare properties are: The Charter Club Resort in Naples, The Cove on Ormond Beach, The Crescent Resort in Miami, and Chenay Bay Resort in the US Virgin Islands. Through Club Navigo, a points-based vacation club, Island One also offers its member-owners access to numerous US timeshare resorts, Mexico timeshare, and Caribbean timeshare.
According to the Orlando Business Journal, court documents state, “The company attributed the Chapter 11 filing to the downturn in the economy in 2008 and the fact that “unit sales and resort revenues were reduced as consumers generally took steps to limit spending on vacations.”
Island One Resorts Management timeshare company is privately owned and employs approximately 750 people. The company’s primary creditor is the commercial financier, Textron Financial Corporation of Providence, Rhode Island.
