The owner of the Scrub Island resort in the British Virgin Islands is fighting its lender to use U.S. bankruptcy protection to rework its more than $130 million worth of debt, the Wall Street Journal reported today.
Puerto Rico in Distress
Video Features
ABI Analysis
FirstBank Puerto Rico asked a court to dismiss a bankruptcy case filed by the owner of a luxury Caribbean island resort, saying that it is interfering with an ongoing effort to collect the more than $120 million it is owed, Dow Jones Daily Bankruptcy Review reported today.
Scrub Island Development Group Ltd., the owner of a British Virgin Islands luxury resort, sought bankruptcy protection to end a receivership it claims was secretly put in place by its lender, Bloomberg News reported yesterday. The company listed debt and assets of more than $100 million each in chapter 11 documents filed on Tuesday.
Puerto Rico’s El Vocero newspaper could soon get a new owner that would preserve its voice on the 3.6 million-resident island, the Wall Street Journal reported on Saturday. A trustee in charge of the newspaper’s bankruptcy case has proposed to hold a public auction on Nov. 22.