About ILX - News Releases
For Immediate Release
March 2, 2009
ILX FILES FOR CHAPTER 11 REORGANIZATION
PHOENIX, ARIZONA - March 2, 2009 ILX RESORTS INCORPORATED (NYSE Alternext: ILX)
“Dramatic challenges in the economy and recent unanticipated reductions in our credit facilities caused by disruption and instability in the capital markets have necessitated that we seek reorganization protection to preserve resources for an orderly restructuring of the Company,” said Joe Martori, Chairman and CEO.
The Company expects that Chapter 11 protection will enable the company to conduct its business operations as usual. To that end, the Company is seeking approval from the court in order to continue managing its operations in the ordinary course.
For more information about the Company, visit: www.ilxresorts.com.
Statements contained in this document that disclosethe Company’s or management’s intentions, expectations or predictions of thefuture are forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. The Company cautions that these statements involve risks anduncertainties and other factors that may cause results to differ materiallyfrom those anticipated at the time such statements are made. For example, future results, performance andachievements may be affected by the impact of today’s announcement on ouroperations, the ability to continue as a going concern, the ability to obtaincourt approval of our motions in theChapter 11 proceedings, our ability to develop, pursue, confirm and consummateone or more plans of reorganization with respect to the Chapter 11 cases, ourability to obtain and maintain normalterms with vendors and service providers, our ability to attract and retain customers,our ability to provide financing to purchasers of vacation ownership interests,the performance of our portfolio of consumer notes receivable, our ability tosuccessfully implement our strategic, operational and marketing plans, generaleconomic conditions, availability of capital in the financial markets, theimpact of war and terrorist activity, business and financing conditions,governmental and regulatory actions, the cyclicality of the vacation ownershipindustry, relationships with key employees and our ability to attract andretain employees , domestic and international political and geopoliticalconditions, competition, downturns in leisure travel patterns, risk associatedwith the level and structure of our indebtedness, and other circumstances anduncertainties. We believe theexpectations reflected in such forward-looking statements are based uponreasonable assumptions, but we can give no assurance that our expectations willbe attained or that results will not materially differ. We undertake no obligation to publiclyupdate or revise any forward-looking statement, whether as a result of newinformation, future events or otherwise.
Statements contained in this document that disclosethe Company’s or management’s intentions, expectations or predictions of thefuture are forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. The Company cautions that these statements involve risks anduncertainties and other factors that may cause results to differ materiallyfrom those anticipated at the time such statements are made. For example, future results, performance andachievements may be affected by the impact of today’s announcement on ouroperations, the ability to continue as a going concern, the ability to obtaincourt approval of our motions in theChapter 11 proceedings, our ability to develop, pursue, confirm and consummateone or more plans of reorganization with respect to the Chapter 11 cases, ourability to obtain and maintain normalterms with vendors and service providers, our ability to attract and retain customers,our ability to provide financing to purchasers of vacation ownership interests,the performance of our portfolio of consumer notes receivable, our ability tosuccessfully implement our strategic, operational and marketing plans, generaleconomic conditions, availability of capital in the financial markets, theimpact of war and terrorist activity, business and financing conditions,governmental and regulatory actions, the cyclicality of the vacation ownershipindustry, relationships with key employees and our ability to attract andretain employees , domestic and international political and geopoliticalconditions, competition, downturns in leisure travel patterns, risk associatedwith the level and structure of our indebtedness, and other circumstances anduncertainties. We believe theexpectations reflected in such forward-looking statements are based uponreasonable assumptions, but we can give no assurance that our expectations willbe attained or that results will not materially differ. We undertake no obligation to publiclyupdate or revise any forward-looking statement, whether as a result of newinformation, future events or otherwise.