Posted at 12:59 p.m., Thursday, December 7, 2006
Sunterra Corp. to improve financial contols
Advertiser Staff
Sunterra Corp., which has 11 Hawai'i properties in its portfolio of timeshare resorts, said it's developed a plan to improve financial controls that led to financial reporting problems with its European subsidiary and that it is seeking another auditor after letting go Grant Thornton LLP in April.The Las Vegas-based company said its sale of its European unit continues to move forward and that advisor Merrill Lynch & Co. continues to consider alternatives for boosting the value of its shares.
