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BOCA RATON, FL- Locally based Bluegreen Corp. is giving Bluegreen/Big Cedar Vacations more time to pay off $110 million in senior secured notes issued in 1998 and maturing in 2008.

The timeshare developer is also eliminating a contract clause that calls for Bluegreen/Big Cedar to guarantee the notes.

The notes were issued in 1998 and mature in 2008. The contract’s expiration date was extended to Nov. 16 from Oct. 5. SunTrust Bank holds the notes.

In a prepared statement, Bluegreen Corp. says the amended contract would give it greater flexibility over the Missouri venture and future asset-securitization transactions when it comes to selling timeshare receivables and other assets to third parties.

The proposed amendment would allow a receivables subsidiary to amass debt and permit certain arms-length transactions between the parent and the joint venture without a written fairness opinion.

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