Phoenix-based ILX Resorts, which owns time-share weeks at the Carriage House in Las Vegas, announced Tuesday it has filed for Chapter 11 bankruptcy reorganization.
Petitions were filed in the U.S. Bankruptcy Court for the District of Arizona.
The company expects to conduct business operations as usual and is seeking court approval to continue managing its operations, which includes more than 2,300 time share units.
"Dramatic challenges in the economy and recent unanticipated reductions in our credit facilities caused by disruption and instability in the capital markets have necessitated that we seek reorganization protection to preserve resources for an orderly restructuring of the company," ILX Chairman and Chief Executive Officer Joe Martori said in a prepared statement.
Chief Financial Officer Margaret Eardley said she could not comment beyond the statement.
ILX at one time proposed to build a time share on land owned by Clark County Aviation Department on east Tropicana Boulevard, across from McCarran International Airport, but let the lease option expire.