KeyLime Cove Filing for Chapter 11 Bankruptcy

At the end of December 2009 the ownership group of KeyLime Grove that operates the KeyLime resort in Gurnee / Illinois, USA with a hotel and indoor water park filed for Chapter 11 bankruptcy. This means that the company filed for a reorganization during which it attempts to continue operating and to emerge from bankruptcy. The company’s announcement was followed by questions asked by an irritated public. The General Manager Dale McFarland said that reservations were safe and that new ones were still taken. According to the media, the filing listed assets of 50 to 100 million dollars whereas it listed debts of 100 to 500 million dollars. One reason for the unfortunate situation was the economical crisis as well as the general decrease in revenues within the industry. Additionally, it was the holiday season during which the resort business thrived. Nevertheless, the year 2009 was more successful regarding bookings than the previous year. KeyLime could emerge within 60 days from Chapter 11. (eap)