Sunterra Announces Changes to Senior Management
NORTH LAS VEGAS, NV, July 11, 2006. James A. Weissenborn and C. Alan Bentley of Michigan-Based Mackinac Partners Named Interim President/C.E.O. of Sunterra Corporation and Interim C.O.O. Sunterra Europe (OTC:SNRR.PK), Sunterra Corporation one of the world's largest vacation ownership companies, has appointed an interim financial management team with experience in corporate restructuring and financial turnaround. The company, which was delisted from the NASDAQ because of delayed financial statements and is subject to allegations of improper financial reporting, named James A. Weissenborn as its Interim President and Chief Executive Officer, effective June 22.
Weissenborn has served as the Managing Partner and President of Bloomfield Hills, Michigan-based Mackinac Partners, LLC since 1999. Mackinac Partners is a financial advisory firm that specializes in restructuring and turnaround management consulting, capital markets advisory services, merger and acquisition advisory services, strategic planning and litigation advisory services.
Weissenborn served as a member of Sunterra's Board of Directors since 2004 and was Vice President of Sunterra Financial Services from October 2001 to June 2003. He has held senior executive positions with numerous prominent companies including Pulte Homes and National Mortgage Corporation.
Sunterra also named C. Alan Bentley of Mackinac Partners as Interim Chief Operating Officer Sunterra Europe. Bentley is assisting with downsizing Sunterra Europe and implementing its restructuring plan. He has over 25 years of experience in crisis management and business reorganizations and extensive experience in the leisure and timeshare industry. He served as Sunterra's Interim Vice-President during its Chapter 11 bankruptcy proceedings and as the Chapter 11 and 7 Trustee of Leisure Industries Corporation (NASDAQ:LESR), a developer and operator of vacation ownership resorts and land development properties.
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