Sanibel Sundial Partners, LLC (SSP), the owner of Sundial Beach Resort (www.sundialresort.com) on Sanibel Island, has filed for reorganization under the provisions of Chapter 11 of the U.S. Bankruptcy Code. The company has experienced financial difficulties since the sudden death in June of its organizer and CEO, Bill Spiropoulos.
"We have been working diligently over the past few months to secure new working capital to support continuing operations and catch-up past due financial obligations. While considerable progress has been made, additional time is required to obtain the needed recapitalization," said Ed McGahan, vice president of CoreStates Realty Group, LLC, the Manager of SSP.
"Similar to other companies (like airlines) that have reorganized under Chapter 11, it will be business as usual with no visible operational changes," said McGahan.
The reorganization will enable the resort to continue normal operations by obtaining immediate funding through a court-approved loan arrangement.
It is anticipated that a plan of reorganization will be completed and approved within a period of several months and that such a plan will provide a sound financial basis for Sundial to resolve its various obligations and operate successfully into the future.
Periodic updates will be provided as this process moves forward.