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GENERAL DEVELOPMENT COMPLETES SALE OF VISTANA TIMESHARE BUSINESS

   GENERAL DEVELOPMENT COMPLETES SALE OF VISTANA TIMESHARE BUSINESS
    MIAMI, Nov. 7 /PRNewswire/ -- General Development Corporation (GDC) announced that it has completed the sale of its Vistana timeshare business to Vistana's current senior management.  Vistana operates the Vistana Resort in Orlando, Fla., and the Vistana Beach Club on Hutchinson Island, Fla.
    "Completing the Vistana sale is a major step forward in GDC's efforts to reorganize and emerge from bankruptcy as a refocused community developer," said J. Larry Rutherford, president and CEO of GDC.  GDC received net cash proceeds from the sale of $38 million and a five-year note for $22.6 million.  The cash proceeds will be used to repay outstanding debt.
    GDC is currently seeking acceptances from creditors for its plan of reorganization.  Confirmation hearings on the plan are scheduled to begin on Dec. 5, 1991.
    -0-                       11/7/91
    /CONTACT:  Nancy Fritts of General Development Corporation, 305-859-4256/ CO:  General Development Corporation; Vistana ST:  Florida IN:  CST SU: MR-SS -- FL017 -- 2375 11/07/91 16:26 EST
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Publication:PR Newswire
Date:Nov 7, 1991
Words:167
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