Amelia Island Co. in Chapter 11 Bankruptcy
Amelia Island Co. owns all of the resort and recreational facilities and amenities on Amelia Island Plantation, including the Amelia Island Club.
Amelia Island Co. announced Friday it has signed an agreement with a new investor group, Red Maple Investors, LLC (RMI), to help ensure the future of the 1,350-acre resort.
The investor group, all residents of the island, "delivers immediate interim financing and long-term financial planning and expertise while assuring the uninterrupted operation of the resort," a press release stated. As part of the agreement, the Amelia Island Co. will restructure its debt and liabilities in bankruptcy court.
"We’re pleased that RMI truly believes in our vision for the future, as well as our commitment to a resort community that exists in harmony with nature," said Jack Healan, president of Amelia Island Plantation, in the press release. "The resources they bring to our relationship will provide the continued high-quality service of the resort that our leisure and conference guests have come to expect when they visit us and that our club members and property owners enjoy every day."
RMI is a group of high net-worth Amelia Island Plantation homeowners investing in Amelia Island Co. with the goal of building a financially healthy company. The group was formed and is led by 19-year resident Robert C. Smith.
Amelia Island Bankruptcy
My only question is, "I wonder how much of the profit margin was skimmed off the top by the upper executives of the corporation?" Maybe the top exec’s need to be brought to realty and make a reasonable salary not an excessive salary. Most top exec’s get excessive salaries and bonuses.
It appears that this is happening in many, many corporations.