Ultimate Escapes gets court OK to sell substantially all its assets through four asset sales

By Jennifer Lanning Drey

Savannah, Ga., Oct. 25 - Ultimate Escapes Holdings, LLC received court approval to sell substantially all of its assets through four separate sale agreements totaling $70.73 million, according to documents filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Under the first sale agreement, Ultimate Escapes will sell a portion of the assets to CapitalSource Finance LLC and CapitalSource Bahamas LLC under a $52.70 million credit bid.

The assets sold under that agreement include all accounts receivable due and owing to the sellers and any and all rights and remedies of the sellers with respect to insurance policies related to the properties.

Under the second agreement, Ultimate Escapes will sell another portion of its assets to Laurence Development LP for $14.31 million.

Those assets include 100% of the equity interests of Private Escapes TCI, Ltd.

Under the third agreement, Ultimate Escapes will sell assets including a portion of Park City, Utah, property.

The purchaser is the McFadden Family Trust. The purchase price is $1.92 million.

Under the last agreement, Ultimate Escapes will sell another portion of Park City, Utah, property to Dean Factor, an individual, for $1.8 million.

Ultimate Escapes, a Kissimmee, Fla.-based destination club operator, filed for bankruptcy on Sept. 20. The Chapter 11 case number is 10-12915.

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