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FEMA denies Hawaii's post-storm disaster request
The Federal Emergency Management Agency on Thursday denied Hawaii's request for a major disaster declaration after Tropical Storm Iselle. Iselle made landfall over the Big Island's isolated and rural Puna ...

Thai worker settlements with Hawaii farms at risk
HONOLULU (AP) ? A federal judge in Hawaii says she won't consider approving $2.4 million in settlements for hundreds of Thai farm workers until the U.S. Equal Employment Opportunity Commission holds a news conference clarifying that the agreements are still subject to court approval.

Washington-Hawaii Preview
(AP) -- - Chris Petersen insists the opener for No. 25 Washington against Hawaii on Saturday carries no greater importance than any other season opener in his coaching career. Except that for the first time as a head coach, Petersen will be leading a team other than Boise State. My focus never changes on that.'' Petersen, one of the biggest names to change programs during the offseason, said the ...

Hawaii tourism officials expect slower growth
Hawaii tourism officials said Thursday they were tempering their expectations, but they still anticipate continued growth for the state's biggest industry. The Hawaii Tourism Authority expects 8.2 million ...

No. 25 Washington at Hawaii Capsule
No. 25 WASHINGTON at HAWAII, 10:30 p.m. (CBS Sports Network).

FEMA denies Hawaii's disaster request
The Federal Emergency Management Agency has denied Hawaii's request for a major disaster declaration after Tropical Storm Iselle.

Hawaii Football: Q&A with UW Dawg Pound on Huskies Football
In preparation for this Saturday's Hawaii-Washington game, I flagged down Anthony Cassino, (who was riding a majestic Husky) of UW Dawg Pound to talk about what we can expect out of the Huskies not only this Saturday, but for the 2014 season. CT: The Quarterback position has been up in the air since the departure of Keith Price. It was thought Cyler Miles would take up his role under center, but ...

Explore Hawaii's Incredible Beauty with Trafalgar's New 2015 Brochure
TORONTO -- Trafalgar (www.trafalgar.com), the Insider of guided vacations invites travellers to experience the breathtaking beauty and lush islands of Hawaii. Offering the perfect blend of iconic sights, ...

How climate change could ruin your Hawaii vacation
Climate change may just threaten your dream trip to Hawaii. A new report from the University of Hawaii says the state's tourism industry must start preparing for the effects of climate change.

Is Bank of Hawaii (BOH) Stock a Solid Choice Right Now?
Bank of Hawaii is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.

Wednesday, March 10, 2010

Celebrity Resort Files for Chapter 11 Bankruptcy Protection

March 09, 2010

Celebrity Resorts LLC and its affiliates have filed for Chapter 11 bankruptcy protection, listing tens of millions in estimated liabilities.

The Orlando-based time-share company listed just two unsecured creditors, International Escrow Services of Atlanta and Resort Condominiums International of Carmel, Ind. But about three dozen other filings, including Celebrity Resorts of Orlando LLC and Celebrity Resorts of Lake Buena Vista LLC, listed pages of additional creditors.

In the bankruptcy filings, the company's chief executive officer, Jared Myers, said he is owed $680,812 in unpaid compensation. A lawyer for the company could not be immediately reached for comment.

Celebrity Resorts began showing signs of distress as early as July 2008, when it announced it was cutting an unspecified number of jobs and eliminating an area of its marketing business that was unprofitable.

According to the time-share company's Web site, Celebrity Resorts has properties in 13 locations across the U.S. The company was formerly known as Resort World, a family-owned business that started selling time shares in the Caribbean in the 1970s and then in the Orlando area in the 1980s.

In August 2008, Celebrity purchased Quintus' interest at Hanalei Bay Resort in Kauai. Condo and timeshare owners at Hanalei Bay Resort soon became unhappy with Celebrity's management and began trying to oust them. Owners were sucussful in removing Celebrity as manager late last year by buying out their contract. Terms of that contract are undisclosed.

Celebrity still owns the restaurant and lounge at Hanalei Bay Resort.


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