Island One readies for sale of assets or equity under proposed plan

By Lisa Kerner

Charlotte, N.C., Nov. 15 - Island One, Inc. asked the court to approve bid procedures for the sale of it resort properties in Florida and the U.S. Virgin Islands, according to a Monday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

In October, Island One filed its plan of reorganization, the overall purpose of which it said was to liquidate some of the company's assets and/or to restructure its debt.

After marketing the properties through Western Reserve Partners, LLC, Island One executed 19 confidentiality agreements, the filing said.

Under the proposed bid procedures, letters of interest detailing the equity or specific business assets to be purchased and a minimum total amount are due Nov. 24.

Bids and deposits of the greater of 10% of the bid amount or $500,000 are due Dec. 3.

The debtors reserve the right to designate one or more stalking horse bidders.

An auction, if necessary, will be held on Dec. 10. A sale hearing will be held on Dec. 15.

Island One, an Orlando, Fla.-based timeshare resort development and hospitality management company, filed for bankruptcy on Sept. 10. Its Chapter 11 case number is 10-16177.

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