Sunterra also hopes it can recover its former industry status with a $300 million line of credit from Merrill Lynch Mortgage Capital Inc. Terms of that transaction weren't disclosed. Sunterra officials couldn't be reached at GlobeSt.com's publication deadline.
"We are now poised to re-establish the company as the global leader in the vacation ownership industry," Sunterra CEO Nick Benson says in a prepared statement.
Sunterra voluntarily filed for Chapter 11 protection under the U.S. Bankruptcy code May 31, 2000 after two groups of creditors started pressing the developer for repayment of loans, according to court records. One group was owed $600 million; the other, $250 million.
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