ORLANDO Sunterra Corp. s board of directors named Gregory Rayburn as CEO/president of the company as part of a plan to help pull the company out of bankruptcy.
Rayburn is a principal of the corporate turnaround firm, Jay Alix & Associates (JA&A), which has been engaged, subject to bankruptcy court approval, to lead Sunterra s turnaround efforts.
The company also announced that T. Lincoln Morison has resigned his position as president/CEO, and will assume the role of vice chairman of the Board of Directors to assist in the company s transition.
Sunterra filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on May 31, 2000 in Baltimore, MD. All of the 89 resorts operated by the company still remain open.
Rayburn has more than 20 years of experience leading financial and business turnarounds in a variety of companies. (10/12/00)