Island One: Time Share Acquisitions winning bidder for resort assets

By Lisa Kerner

Charlotte, N.C., March 10 - Island One, Inc. will sell its resort properties in Florida and the U.S. Virgin Island to high bidder Time Share Acquisitions TLC following the auction held on Thursday, according to an attorney familiar with the case.

The sale hearing and plan confirmation hearing will both be held on April 20.

Time Share will pay at least $13 million for new equity and will be the plan sponsor.

BB&T assets are excluded assets, the attorney said.

Bids for the assets were due on March 4.

As previously reported, Island One, its secured lenders and the creditors committee agreed to adjourn the sale auction to March 10 from Jan. 12 "in order to afford the estate constituencies additional time to evaluate a multitude of sale-related options and alternatives."

Island One, an Orlando, Fla.-based timeshare resort development and hospitality management company, filed for bankruptcy on Sept. 10, 2010. Its Chapter 11 case number is 10-16177.

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