Consolidated Resort Enterprises Inc.: The Newport Beach...
Consolidated Resort Enterprises Inc.: The Newport Beach time-share property management company on Wednesday sought protection from creditors under Chapter 11 of the federal bankruptcy code. The filing, in U.S. Bankruptcy Court in Santa Ana, was made to avoid the foreclosure sale of Lake Tropicana, a property Consolidated Resort Enterprises owns in Las Vegas, while the company renegotiates the terms of its mortgage. Consolidated Resort Enterprises said it plans to emerge from bankruptcy court shelter within 30 days.
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