Friday, July 07, 2006


Sunterra's Accounting Probe Of The Timeshare Operator's European Division Sunterra Leads To A Delisting.

Considering the fragile state of affairs that timeshare operator Sunterra(Nasdaq: SNRR) is facing these days, its executives may end up having to stay at one of their competitors' resorts instead of their own when they go on vacation. Teetering on the edge of a Nasdaq delisting amid an accounting probe of its European division, Sunterra is facing a very cloudy future, one that could result in the entire company being sold off.

Sunterra timeshare emerged from bankruptcy in 2002 and has been busy trying to recover the lost glory of the timeshare industry. Since filing for bankruptcy in 2000, the resort operator has nearly doubled vacation-interest annual sales and increased the number of families owning timeshares from 260,000 to more than 300,000 over the same period. While Cendant(NYSE: CD) is the largest timeshare operator, with more than 3,700 resorts located in more than 100 countries around the globe, ILX Resorts(NYSE: ILX) and Bluegreen(NYSE: BXG) remain the two pure plays in the industry.

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