ILX Resorts asks court to approve sale of assets to ILX Acquisition

By Lisa Kerner

Charlotte, N.C., June 14 - ILX Resorts Inc. asked the court to approve the sale of substantially all of its assets to stalking horse bidder ILX Acquisition, Inc. for $29,672,251, according to a Monday filing with the U.S. Bankruptcy Court for the District of Arizona.

As previously reported, Textron Financial Corp., ILX's primary secured creditor, supports the transaction.

The company and its debtor subsidiaries own nine resorts located in Arizona, Indiana and Colorado and operate one in San Carlos, Mexico.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.