Ultimate Escapes Inc. is facing a lot of financial turmoil and it became a common knowledge after the movers and shakers of the club cited the need for filing for bankruptcy protection earlier this month. This 60 year old club has been failing to meet a financial obligation of $90 million and this is apparently going to prove fatal for the club.
The club has 1,200 registered members and they have paid a humongous amount of $70,000 for luxury holidays, but as it turns out they will have to call a halt to this luxurious vacation. The tension brewed up on September 9th when Chief Executive Officer Jim Tousignant, sent a letter to the members alluding to the ongoing financial crisis of the club.
If Tousignant is to believe then the 2008 financial crisis gave birth to this problem. Apparently the outflow exceeded the inflow and as a result of which this condition came up. According to close sources, bankruptcy is inevitable in such conditions until and unless it’s members come up with significant amounts in regular intervals.