ILX Resorts Files for Chapter 11
MARCH 3, 2009 - ILX Resorts Incorporated (NYSE Alternext: ILX), a developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the western United States, announced that the Company and certain of its subsidiaries and limited liability companies have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code.
The petitions were filed in the United States Bankruptcy Court for the District of Arizona.
'Dramatic challenges in the economy and recent unanticipated reductions in our credit facilities caused by disruption and instability in the capital markets have necessitated that we seek reorganization protection to preserve resources for an orderly restructuring of the Company,' said Joe Martori, Chairman and CEO.
The Company expects that Chapter 11 protection will enable the company to conduct its business operations as usual. To that end, the Company is seeking approval from the court in order to continue managing its operations in the ordinary course.
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