Created: 11/13/2009 3:20:38 PM 
NASSAU COUNTY, Fla. -- Amelia Island Plantation has signed a new agreement to help it stay financially viable.
The Plantation announced Friday that it has signed with Red Maple Investors, LLC, to keep the famed resort in operation.
Red Maple Investors is made up of 22 business people who are all homeowners on the island. The agreement states that the Plantation will restructure its debt and liabilities under Chapter 11 protection, and will continue operating.
"We're pleased that RMI truly believes in our vision for the future, as well as our commitment to a resort community that exists in harmony with nature," said Jack Healan, president of Amelia Island Plantation.
"The resources they bring to our relationship will provide the continued high quality service of the resort that our leisure and conference guests have come to expect when they visit us and that our club members and property owners enjoy every day."
RMI are an experienced group. Member John Griswold is the president of Harbor Hotels, LLC, and has more than 30 years experience running top-of-the-line hotels.
"Our investors believe in the potential for the long-term success of Amelia Island Plantation and are pleased to be able to provide the needed financial and strategic support to accomplish this in a professional and thoughtful way," said founding member Robert C. Smith.
"All of us in RMI want to protect this little paradise we have come to love. And, we are willing to put up our own money to assure its success far into the future."
Amelia Island Plantation is a 1,300 acre beach front resort community, comprised of homes, condos, hotels and businesses.
About 240,000 people visit the resort annually, and about 1,000 people live on property year-round.
This is the second time in its 30-year history that the resort has filed for bankruptcy. The last time, in the late 1970s, the resort rebounded and managers are hopeful that the latest investment will enable Amelia Island Plantation to bounce back again.
"I hope they don't go under. We need their business and this [investment] will definitely help," said Dub Mullis, who owns a produce stand up the road from the resort.
Mullis said as business declined at Amelia Island Plantation, fewer customers would stop by his stand, affecting his own livelihood.
"My customers are a lot of people from the resort. A lot of workers, people who live there and also visitors to the island," Mullis said.
With 700 employees, Amelia Island Plantation is one of the largest employers in Nassau County. In the past year and a half, resort employees have endured pay cuts and in some cases, layoffs.
Chief Marketing Officer Richard Goldman says when the economy began to decline, fewer companies and corporations held events and meetings at Amelia Island Plantation which ultimately led to millions of dollars lost in revenue.
"Bookings for the leisure side of the business have been good. Of course, everyone is challenged right now," said Goldman.
Goldman does not expect the bankruptcy filing to lead to any more layoffs. He said the investors of RMI are a good sign.
"We've been looking for investors for a little over a year, and these folks are very appreciative of our positioning, and our belief of operating a resort in harmony with nature. They're ambition is to protect that," Goldman said.
He said visitors this holiday season should not be concerned about the bankruptcy filing; he says all holiday activities and events will still continue as in years past.
From now until Nov. 22, the USTA Futures tennis tournament is taking place at Amelia Island Plantation.
The event organizer says the future of the pro tournament largely depends on sponsorship.
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