Press Release: Sunterra Corporation
November 20, 2001
ORLANDO, FL -- Sunterra Corporation announced yesterday that Nicholas J. Benson will serve as President and CEO
of the reorganized company. Mr. Benson currently serves as the CEO of Sunterra Europe, a wholly-owned non-debtor
subsidiary of Sunterra Corporation.
``I am very pleased to announce, after an extensive search process, that Nick Benson will serve as my successor,''
said Gregory F. Rayburn, current Sunterra President and CEO. ``Nick has worked with me closely over the past year
and has played an instrumental role in the turnaround we have achieved. He has achieved a great deal of respect
within our organization and he has the full support of our creditors.''
Mr. Benson has been with Sunterra Europe since 1997. He has been involved with the vacation ownership industry
for over nine years. ``I am delighted and honored to accept this appointment,'' said Mr. Benson. ``Following a
difficult couple of years, Sunterra Corporation is now poised to re-establish itself as the market leader in this
industry. Our unique focus on satisfying the needs of our members and our outstanding staff will drive Sunterra's
continued success and growth.''
Sunterra also announced that concurrent with Mr. Benson's retention as President and CEO, Mr. Rayburn, a principal
with Jay Alix & Associates, will serve as Chief Restructuring Officer. According to Mr. Rayburn, his primary
focus will be finalization of the plan of reorganization and overseeing the exit from the Chapter 11 process.
SOURCE: Sunterra Corporation