Timeshares Direct, Inc. Files Voluntary Chapter 11 Reorganization Petition to Address Short-Term Operational and Liquidity Challenges Normal Operations to Continue
ORLANDO, Fla., Oct. 16, 2013 /PRNewswire-iReach/ -- Timeshares Direct, Inc., d/b/a Timeshares By Owner, today announced that in an effort to address certain short-term operational and liquidity challenges, it filed a voluntary petition to reorganize under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida (the "Court"). The Company's operations are expected to continue as normal throughout the Chapter 11 process while it develops a reorganization plan to resolve its temporary operational and liquidity issues.
"Over the past year, Timeshares Direct has faced a number of significant challenges" representatives of the company have stated. "After careful consideration of all available alternatives, the Company's Board of Directors determined that a Chapter 11 reorganization filing was a necessary and prudent step and the best way to maintain regular operations and allow for a successful restructuring. We expect to emerge from this restructuring a stronger, more competitive company that is well positioned for growth. "
We want to stress a few important points:
We will continue to use the same aggressive advertising and marketing methods to market you property as we always have.
There will be no change in your service. In fact, we hope it will be much better.
We will be investing in technology to better serve you and to provide more offers to you for your property and more status updates.
Our customer service team is still available to serve you with our toll free number of 888-707-8463
Our timeshare concierge service is still available to transmit offers to you.
We are not going anywhere and we are proud of the consistently high quality of our products, our valued customer relationships and the high level of service we provide.
The Company has asked the Court for additional authorizations, including permission to continue paying employee wages and salaries, to provide employee benefits without interruption, and to continue with its various customer programs.
During the Chapter 11 process, clients should expect to be receive the same exemplary services and vendors should expect to be paid for post-petition purchases of goods and services in the ordinary course of business.
"On behalf of the entire management team, we would like to thank our customers and vendors for their continued support during this process. We also want to recognize our dedicated employees, whose continued support and commitment are crucial to the future success of our company. We are all dedicated to making this financial restructuring a success" the representatives of the company have concluded.
Additional information about the restructuring is available at the Company's website http://www.timesharesbyowner.com.
About Timeshares Direct
Timeshares Direct employs approximately 250 people and has 5 locations throughout Florida. Timeshare Direct, Inc. advertises and markets their clients' vacation properties for sale and rent throughout the world. The Company's marketing includes Internet, radio, television and printed media. For more information, please visit http://www.timesharesbyowner.com.
Media Contact: Gregory Taylor, Timeshares By Owner, 3213293120, email@example.com
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Timeshares Direct, Inc