Island One: BB&T wants to push back company's plan hearing by 30 days

By Lisa Kerner

Charlotte, N.C., Nov. 24 - Island One, Inc. creditor BB&T Acquired Asset Group asked the court to continue the hearing to grant final approval of Island One's disclosure statement and to confirm its plan of reorganization for at least 30 days, according to a Wednesday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

The debtors are dual tracking the bidding procedures motion and the plan confirmation "over a proposed timeline that is unnecessarily ambitious," the filing said.

BB&T Acquired Asset, which is owed $40 million by Island One, does not believe the condensed timing will "create an environment which maximizes creditor value or provides a meaningful opportunity to develop a favorable plan for creditors."

The disclosure statement was conditionally approved on Nov. 12.

Last week Island One asked the court to approve bid procedures for the sale of its resort properties in Florida and the U.S. Virgin Islands. Bids would be due Dec. 3, an auction, if necessary will be held on Dec. 10, and the sale hearing would 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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