ORLANDO Sunterra Corp., a vacation ownership company, has received approval from the United States Bankruptcy Court for the District of Maryland to enter into a new debtor-in-possession financing agreement with Greenwich Capital Markets, an affiliate of the Royal Bank of Scotland.
The new financing agreement will replace Sunterra s existing debtor-in-possession instrument; will provide a revolving line of credit; and would be available potentially to retire certain of Sunterra s pre-petition secured debt obligations. (4/5/01)