Island One seeks to reschedule confirmation hearing, modify approved bid procedures for sale

By Lisa Kerner

Charlotte, N.C., Jan. 10 - Island One, Inc. asked the court to reschedule the Feb. 16 hearing to confirm its plan of reorganization, modify its approved bid procedures and extend its exclusivity periods, according to a Monday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

The company made its requests following extensive consultations with its secured lenders BB&T Acquired Asset Group, Textron Financial Corp. and Liberty Bank, NA, the filing said.

In December, the court approved bid procedures for the sale of Island One's resort properties in Florida and the U.S. Virgin Islands.

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

The assets were to be auctioned on Jan. 12, and a sale hearing was to be held on Feb. 16.

Island One, its secured lenders and the creditors committee agreed to adjourn the sale auction to March 10 "in order to afford the estate constituencies additional time to evaluate a multitude of sale-related options and alternatives."

Under the proposed changes, bids would be due March 4, an auction would be held on March 10, and a sale hearing would be held in April.

Island One wants to extend its exclusivity deadline to file an amended joint plan and disclosure statement to March 17 from Jan .18.

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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