ILX Resorts Chapter 11 plan approved by majority of voting creditors

By Caroline Salls

Pittsburgh, July 21 - ILX Resorts Inc.'s plan of reorganization was accepted by all but one voting creditor, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Arizona.

Specifically, the one holder of $27.56 million in Textron Financial Corp. claims voted to accept the plan, as did the one holder of $4.11 million in Irwin Union Bank, FSB secured claims, the one holder of $334,924 in M&I Marshall & Ilsley Bank secured claims, the one holder of $214,350 in The Steele Foundation, Inc. secured claims and the 22 holders of $1.14 million in unsecured claims.

Meanwhile, 90 holders, or 99% in number, of 1.65 million share of ILX stock, or 99% in amount, voted to accept the plan, and one holder, or 1% in number, of 150 shares of the stock, or 1% in amount, voted to reject it.

According to the ballot report, two impaired classes did not vote, so they did not accept the plan. Those classes were holders of equity interests in debtors other than ILX and holders of secured claims of Resort Funding LLC.

The plan confirmation hearing is scheduled for Friday.

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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