ILX Resorts asks court to extend exclusive periods to Feb. 1

By Caroline Salls

Pittsburgh, Dec. 1 - ILX Resorts, Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan to Feb. 1, according to a Monday filing with the U.S. Bankruptcy Court for the District of Arizona.

As previously reported, the company filed its plan on Oct. 2 and the confirmation hearing began on Nov. 10. The hearing is scheduled to resume on Jan. 7.

ILX said it agreed at the November hearing to try to negotiate a plan objection settlement with its primary creditor Textron Financial Corp.

"The debtors cannot be deemed to have relinquished their exclusive right to propose a plan of reorganization by agreeing, at the court's suggestion, to explore a settlement with its primary creditor," the company said in the motion.

The company said the plan might have already been confirmed if it had not agreed to the settlement talks.

Phoenix-based ILX Resorts acquires, develops and operates timeshare resorts primarily in the western United States. The company filed for bankruptcy on March 2, 2009. Its Chapter 11 case number is 09-03594.

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