DRI trying to acquire Pacific Monarch Resorts

[dwojo]

DRI posted news on their website that they have made an offer to acquire Pacific Monarch Resorts.

 

[T_R_Oglodyte]

DRI posted news on their website that they have made an offer to acquire Pacific Monarch Resorts.

I couldn't find anything at DRI's website, but it did pop up on a Google. Looks like another Sunterra deal, where they are acquiring an outfit teetering on the edge of bankruptcy. This also adds locations in areas they've long been in increasing their presence. A few years ago they were within a whisker of taking over Raintree.

Diamond Resorts International® Announces Offer to Purchase Assets of Pacific Monarch Resorts, Inc.

Las Vegas, Nev. (PRWEB) October 24, 2011

DPM Acquisition LLC, an unrestricted subsidiary of Diamond Resorts International® (Diamond), a global leader in the hospitality and vacation ownership industries, has today announced it has entered into an agreement to acquire a substantial portion of the assets of Pacific Monarch Resorts, Inc. (Pacific Monarch). Pacific Monarch has approximately 100,000 owners with nine resorts located in California, Nevada, Utah and Mexico. To effect the transaction, Pacific Monarch and certain of its subsidiaries have filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California. The acquisition is subject to the approval of the U.S. Bankruptcy Court and certain other conditions. Assuming bankruptcy court approval is obtained and all conditions have been satisfied, Diamond anticipates closing the acquisition in the first quarter of 2012.

 

[timeos2]

I couldn't find anything at DRI's website, but it did pop up on a Google. Looks like another Sunterra deal, where they are acquiring an outfit teetering on the edge of bankruptcy. This also adds locations in areas they've long been in increasing their presence. A few years ago they were within a whisker of taking over Raintree.

Diamond Resorts International® Announces Offer to Purchase Assets of Pacific Monarch Resorts, Inc.

Based on that report they aren't "trying" if the Court approves they've got a done deal. Is it for $65 million I wonder? :ignore: No mention of any price.

 

[dwojo]

I couldn't find anything at DRI's website, but it did pop up on a Google. Looks like another Sunterra deal, where they are acquiring an outfit teetering on the edge of bankruptcy. This also adds locations in areas they've long been in increasing their presence. A few years ago they were within a whisker of taking over Raintree.

Diamond Resorts International® Announces Offer to Purchase Assets of Pacific Monarch Resorts, Inc.

It was in news and noteholder information. bottom of the page.

 

[T_R_Oglodyte]

It was in news and noteholder information. bottom of the page.

Good - thanks.