First-Day Orders Will Enable Company to Continue To Serve Members, Meet Post-petition Obligations to Vendors and Employees, During Financial Reorganization Process
WESTPORT, Conn., July 26, 2006 — Tanner & Haley Resorts, a leading, privately held destination club enterprise based in Westport, Conn., today announced that Judge Alan H. W. Shiff of the U.S. Bankruptcy Court for the District of Connecticut, Bridgeport Division, has given his approval for the companys $10 million interim debtor-inpossession (DIP) credit facility, and for all of the companys other first-day motions.
Judge Shiffs issuance of the first-day orders means that the company will be wellpositioned to meet its post-petition vendor obligations under normal terms, as well as continue to serve its Members and meet its post-petition obligations to its employees.
The company said that since its filing announcement on Monday it has been actively reaching out to its Members, vendors and other business partners to communicate that the companys destination club business remains in operation, and that the company
intends to continue to meet substantially all travel commitments previously made to Members and to provide Members with a wide range of destinations and services.
As previously announced, the company expects to replace the interim DIP facility and its pre-petition credit facilities with up to $85 million of permanent DIP financing in due course.
About Tanner & Haley Resorts
Tanner & Haley Resorts is a five-star hospitality and real estate management company that operates a collection of offerings with a focus on providing Members and guests private residence use with an array of luxurious services, amenities and life-defining experiences. Offering three Clubs—Private Retreats, Distinctive Retreats and Legendary Retreats—each with its own pricing structure, consumers can select the level of membership that suits their life best. Headquartered in Westport, Conn., and founded in 1998 with the world's first destination club, Tanner & Haley Resorts products also include Tanner & Haley Jets and Tanner & Haley Villa Hotels.
Media Contacts
Michael Freitag or Roy Winnick
Kekst and Company
1-212-521-4800
