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twitterLV timeshare operator hit with involuntary bankruptcy filing
Tuesday, July 31, 2001 | 10:52 a.m.
Bondholders for the company that owns a Las Vegas timeshare resort have made an involuntary bankruptcy filing against the company.
Epic Resorts LLC, King of Prussia, Pa., which owns the Desert Paradise Resort, 5165 S. Decatur Blvd., and other timeshares around the country, said in a Securities and Exchange Commission filing that its properties will remain open.
Epic said in the SEC document, filed Friday, that it suspended its regular interest payment due June 15 to corporate bondholders after its lender terminated a $75 million vacation ownership loan participation facility. The funding was the major source of cash to fund day-to-day operations.
As a result of the interest payment suspension, some bondholders filed involuntary Chapter 11 bankruptcy petitions against Epic and its Epic Capital Corp. affiliate in U.S. Bankruptcy Court in Wilmington, Del.
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