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Island One timeshare firm in Chapter 11

September 14, 2010 10:30AM

Crescent on South Beach

Orlando-based Island One has filed for protection from creditors under Chapter 11 of the federal bankruptcy code. Through several of its entities, the company owns and operates the Crescent Resort On South Beach in Miami Beach, along with five resorts in the Orlando area, including Liki Tiki Village and the Barefoot’n Resort. The company has more than 11,000 timeshare units, but says it owes around $150 million in secured debt and $2 million in unsecured debt. [Miami Herald]