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November 16, 2009

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Recipient of Nevada tax break files for bankruptcy

Thursday, June 1, 2000 | 11:04 a.m.

Resort operator Sunterra Corp. filed for Chapter 11 bankruptcy protection from creditors while it reorganizes finances and seeks $25 million in interim financing.

The Orlando, Fla.-based company operates a processing center in Las Vegas at 185 East Reno Ave. In January 1999 the company received a $24,165 tax deferral from the Nevada Commission on Economic Development for the addition of 57 jobs.

Company spokesman Richard Goodman said there were "some layoffs and staff reductions" at the Las Vegas operation. However, he said it was too soon to determine the total number of layoffs.

Prior to the recent layoffs, approximately 100 people were employed at the Las Vegas processing center.

Sunterra is the world's largest owner and manager of vacation ownership resorts, with 90 resorts worldwide. Sunterra Europe, Sunterra Pacific, Marc Resorts, and its RPM divisions are not included in the Chapter 11 filing.

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