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All of Sunterra Coming to Market; Lawsuit Filed

LAS VEGAS-The accounting-challenged vacation ownership company now says it will consider selling it's North America operation along with its European unit.

By Brian K. Miller | Updated on July 13, 2006

LAS VEGAS-Sunterra Corp. is no longer just looking to sell its European operations. The locally based vacation ownership company with 100 branded or affiliated resorts worldwide and an accounting problem said Thursday that in response to interest, it has decided to consider selling its North American operations as well.

For the sale of Sunterra Europe, the company previously retained Chanin Capital and says it has received interest from potential buyers. The company now says it will select an investment bank by the end of the month to assist management in the assessment and valuation for a possible sale of the entire company.

“The company expects that Chanin will provide preliminary analysis to the company regarding Sunterra Europe shortly, and the company intends to take this into account in its evaluation of the alternatives for the entire company,” the company says in a prepared statement.

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