# Fairmont "Legacy for Life"



## LarryEdmonton (Jun 16, 2009)

Anyone know what this is about -

I expect they want to sell upgrades to Fee simple and to convert to a Point System.

I am particularly interested in the point system - if it would increase my trading value

Larry


----------



## LarryEdmonton (Jun 22, 2009)

*Fairmont under CCAA*

Fairmont Resort Properties Ltd. Announces Companies Creditors Arrangement Act (CCAA) Filing
Fairmont Hot Springs, B.C. (March 30, 2009) -Fairmont Resort Properties Ltd., Lake Okanagan Resort Vacation (2001) Ltd., Lake Okanagan Resort (2001) Ltd., and LL Developments Ltd (hereinafter called, the “Fairmont Group”) informs the public it has taken some measures to restructure their business and operations.
On March 30, 2009, FRPL Finance Ltd. and FRPL Management Ltd. applied to the Alberta Court of Queen’s Bench, with the consent of the Fairmont Group, to seek and obtain creditor protection for the Fairmont Group under the Companies’ Creditors Arrangement Act (“CCAA”). The CCAA is legislation that facilitates financial restructuring and permits the Fairmont Group to continue operations. The CCAA allows a company significant flexibility in devising a restructuring plan with the goal of resolving a company’s financial difficulties.
The Fairmont Group’s financial difficulties were precipitated by several factors, including the crisis in the global financial markets, which has negatively impacted Fairmont Group’s ability to raise financing and pay down certain loans to its secured creditors. As a result of the Fairmont Group’s current financial resources and the inability to complete certain financing requirements in sufficient time to address its financial condition, it was determined that a CCAA filing was in the best interest of all stakeholders.
Fairmont Group wishes to inform all of their timeshare owners that their time share lease is not subject to the claims of the creditors of the Fairmont Group. They should also note that Columbia Villa Management Ltd., who manages the resort, is a separate company and it is not party to the Fairmont Group’s CCAA proceedings. It is the intention of the Fairmont Group to continue its business operations.
“Operations of all divisions will continue without interruption and we look forward to continuing to serve our owners on the same basis as in the past while we move forward in a positive manner,” said Murray Moore, Chief Restructuring Officer, Fairmont Group.
While they recognize the concerns of the owners with respect to the current CCAA proceedings, they intend to continue to provide quality services and to meet the high standards to which owners have become accustomed. This business is very important to them and they will continue to take care of these needs. In turn, they ask for continued support, which will be critical to the future success of the Fairmont Group and in the best interest of stakeholders, including employees, creditors and customers. Fairmont Group plans to contact each of their owners in the future to provide them with more details respecting Fairmont Group’s restructuring plans.
For additional information on this event and regular updates, please refer to their website: www.fairmontcanada.com


----------

