Resort Developer Enters Ch. 11 To Unload Property

Law360, New York (March 17, 2011, 6:40 PM EDT) -- The developer of a swanky resort on the Caribbean island of Anguilla filed for bankruptcy protection on Thursday, looking to sell the property after swelling construction costs burdened the project with unsustainable debt.

The project — Viceroy Anguilla Resorts and Residences — was hampered by labor strikes and a 2008 hurricane, which more than doubled the projected cost of building the resort to $327 million, according to a Chapter 11 petition filed by Barnes Bay Development Ltd. in the U.S. Bankruptcy Court for the District of...
To view the full article, register now.