Florida time-share company exits bankruptcy
An Orlando, Florida-based time-share operator that filed for Chapter 11 bankruptcy in early 2010 has announced it intends to formally exit its court-supervised bankruptcy.
An Orlando, Florida-based time-share operator that filed for Chapter 11 bankruptcy in early 2010 has announced it intends to formally exit its court-supervised bankruptcy.
Last week, a bankruptcy attorney that represents Celebrity Resorts said the company will exit its protection with no job losses.
The company, which was founded in the early 1980s, sells area time shares, and has 13 additional properties around the country, The Orlando Sentinel reports. In its filing Celebrity Resorts listed $35 million in debt and $25 million worth of assets.
However, the company was able to rejuvenate its budgets after receiving a $4 million loan from Textron Inc., an industry conglomerate which makes Cessna airplanes, the news source says. Since then, Celebrity Resorts has cut its debts by negotiating with creditors and using other legal means provided by bankruptcy to shield them from adverse actions.
The agency has been hurt in recent years, as the tourism industry in the U.S. has been hampered by the lingering effects of the recession. In addition, recent financial situations in Europe have also limited economic activity in the area.
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