The timeshare company Consolidated Resorts filed for bankruptcy yesterday. The company owns the Tahiti Village Resort in Las Vegas as well as 9 properties in Hawaii and one property in Orlando (according to their website, http://www.consolidatedresorts.com). Earlier in the day, several employees were told to go home or to not report for their shift as reported by KTNV in Las Vegas.
There had been reports of financial difficulty for the company due to the economic downturn. The bankruptcy will allow the company to restructure debt payments and management in order to become profitable again. Consolidated Resorts will continue operations at its 14 properties for guests and timeshare owners. Marketing efforts for Tahiti Village have ceased at least temporarily.
Timeshare owners should review their contracts in order to find out about their stakes in the properties and how the bankruptcy will affect them.
For Part II of our series, click this Consolidated Resorts Bankruptcy Part II link.
For Part III of our series, click this Consolidated Resorts Bankruptcy Part III link.
For Part IV of our series, click this Consolidated Resorts Bankruptcy Part IV link.
For Part V of this series, click on this Consolidated Resorts Bankruptcy Part V link