Island One Files for Bankruptcy After Florida Property Values Drop
Island One , Bankruptcy, Florida
Island One Inc. and five affiliates of the resort company filed for bankruptcy protection in Florida citing falling sales and declining property values.
The company listed both assets and debt in the range of $100 million to $500 million in Chapter 11 documents filed Sept. 10 in U.S. Bankruptcy Court in Orlando, where the company is based.
“The fall of the real estate markets in Florida and throughout the U.S. and the general downturn in the economy have significantly impacted the resort development and hospitality industries,” lawyers for Island One wrote in court papers.
Island One and its affiliates have developed and managed time-share resorts in Florida and the U.S. Virgin Islands since 1981, court papers show. Through Navigo Vacation Club, the companies have developed a timeshare network that extends throughout the U.S., Latin America, the Caribbean and Europe.
The case is In re Island One Inc., 10-16177, U.S. Bankruptcy Court, Middle District of Florida (Orlando).
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Island One Files for Bankruptcy After Florida Property Values Drop
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Island One , Bankruptcy, Florida
Island One , Bankruptcy, Florida
Island One , Bankruptcy, Florida
Island One , Bankruptcy, Florida
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