Consolidated Resources Inc.: The company said Thursday...

Consolidated Resources Inc.: The company said Thursday that its Chapter 11 bankruptcy reorganization case has been dismissed to enable it to close a private deal that will give it $8.6 million in new mortgage financing for its Las Vegas time-share resort.

The Newport Beach company, the operating arm of publicly traded holding company MPTV Inc., is refurbishing a 22-building apartment complex in Las Vegas near the MGM Grand hotel. Consolidated Resources filed its Chapter 11 petition in federal Bankruptcy Court in Santa Ana in October.

Hurley Reed, MPTV’s president, said the new financing will enable the company to pay off two existing senior mortgages and complete renovation of the common areas and first three buildings in the 21-year-old complex.

It plans to sell more than 9,000 time-share allocations--called intervals--for the 184-unit complex during the next two years at an average price of $11,000 per interval. Each interval would give the owner approximately one week per year at the resort.

The 7.5-acre property operates as Lake Tropicana Resort.

MPTV stock closed at 87.5 cents a share in Nasdaq trading Thursday, up 12.5 cents from Wednesday’s close.