Celebrity Resort Files for Chapter 11 Bankruptcy Protection
March 09, 2010
By Sara K. Clarke, Orlando Sentinel
Celebrity Resorts LLC and its affiliates have filed for Chapter 11 bankruptcy protection, listing tens of millions in estimated liabilities.
The Orlando-based time-share company listed just two unsecured creditors, International Escrow Services of Atlanta and Resort Condominiums International of Carmel, Ind. But about three dozen other filings, including Celebrity Resorts of Orlando LLC and Celebrity Resorts of Lake Buena Vista LLC, listed pages of additional creditors.
In the bankruptcy filings, the company's chief executive officer, Jared Myers, said he is owed $680,812 in unpaid compensation. A lawyer for the company could not be immediately reached for comment.
Celebrity Resorts began showing signs of distress as early as July 2008, when it announced it was cutting an unspecified number of jobs and eliminating an area of its marketing business that was unprofitable.
According to the time-share company's Web site, Celebrity Resorts has properties in 13 locations across the U.S. The company was formerly known as Resort World, a family-owned business that started selling time shares in the Caribbean in the 1970s and then in the Orlando area in the 1980s
By Sara K. Clarke, Orlando Sentinel
Celebrity Resorts LLC and its affiliates have filed for Chapter 11 bankruptcy protection, listing tens of millions in estimated liabilities.
The Orlando-based time-share company listed just two unsecured creditors, International Escrow Services of Atlanta and Resort Condominiums International of Carmel, Ind. But about three dozen other filings, including Celebrity Resorts of Orlando LLC and Celebrity Resorts of Lake Buena Vista LLC, listed pages of additional creditors.
In the bankruptcy filings, the company's chief executive officer, Jared Myers, said he is owed $680,812 in unpaid compensation. A lawyer for the company could not be immediately reached for comment.
Celebrity Resorts began showing signs of distress as early as July 2008, when it announced it was cutting an unspecified number of jobs and eliminating an area of its marketing business that was unprofitable.
According to the time-share company's Web site, Celebrity Resorts has properties in 13 locations across the U.S. The company was formerly known as Resort World, a family-owned business that started selling time shares in the Caribbean in the 1970s and then in the Orlando area in the 1980s
posted by DP at 11:04 AM
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