Timeshare Operator Files Chapter 11

The Las Vegas Sun reports that ILX Resorts Inc., a timeshare operator with inventory at the Carriage House Hotel in Las Vegas, filed for Chapter 11 bankruptcy protection Monday after talks collapsed with a key lender over extending a loan.

The whole timeshare industry has been hit hard with declining sales due to the double-whammy economic situation where consumers are holding onto cash reserves and at the same time unable to find financing sources.  Prepare for more bankruptcies in the industry.  What it means for timeshare owners remains to be seen.

One Response

  1. I’m not surprised that these companies are going under. Who wants to finance them?

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