ILX Resorts agrees to file joint plan with Textron, sell assets

By Caroline Salls

Pittsburgh, Jan. 14 - ILX Resorts Inc. has agreed to file a joint plan of reorganization with largest creditor Textron Financial Corp. under which ILX would sell the majority of its assets to Diamond Resorts Corp., according to an 8-K filed with the Securities and Exchange Commission.

The company said it plans to file the plan of reorganization with details of the proposed transaction in the near future.

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 in the U.S. Bankruptcy Court for the District of Nevada. Its Chapter 11 case number is 09-03594.

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