Island One seeks continuance of combined hearing to approve disclosure statement, confirm plan

By Lisa Kerner

Charlotte, N.C., April 20 - Island One, Inc., its affiliates and debtors-in-possession asked that the court to continue its April 20 combined hearing to approve its disclosure statement and confirm its first amended joint plan of reorganization to May 25, according to a Wednesday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

On Tuesday, the company asked the court to confirm the plan even though creditors in eight unsecured claim classes did not vote to accept it.

Textron Financial Corp., Liberty Bank, and Branch Banking and Trust Co. Acquired Asset Group, LLC agreed to the debtors request for the continuance.

The debtors do not believe the myriad of issues related to the creditors committee's objection to the confirmation could be adequately addressed during the 45 minutes of time allocated to the hearing that was scheduled for Wednesday, the filing said.

As previously reported, the committee objected to Island One's proposed disclosure statement, plan of reorganization and asset sale, believing they are "the product of a fundamentally flawed process that has been pursued for the sole benefit of the debtors' insiders and majority lenders, Textron Financial Corp. and Liberty Bank, NA."

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.