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On August 7, 2007, Conch House Builders LLC, doing business as Conch House Marina Resort, filed for protection under Chapter 11 bankruptcy to restructure the business. We are taking this step as a necessary and responsible action to ensure continued supply of goods and services to its customers and to preserve the value of the company’s assets. The decision was made to obtain relief from the negative impact on the Company as a result of the poor business decisions made by the group who attempted to purchase the property in 2005. As part of the Company’s Operating Agreement, the Ponce family has assumed control of the Company, with their primary objective to assure that the interest of all parties are protected. The Company intends to proceed with business as usual. Our customers will not see any interruptions in service. The company will successfully emerge from these Chapter 11 proceeding as a much stronger company positioned for continued growth and profitability. To see a preview of our future development plans for the We appreciate the on-going support and loyalty of our customers, employees, and vendors during this transitional time. We are confident that our relationship will be strengthened by these necessary actions that the Company has taken. |
