Anguilla Resort Developer Gets OK For $5M DIP Loan

Law360, New York (March 21, 2011, 5:49 PM EDT) -- A Delaware bankruptcy judge granted preliminary approval Monday to a $5 million debtor-in-possession financing package for the developer of a Caribbean resort that ran into serious debt problems.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware allowed Barnes Bay Development Ltd. to access the loan provided by SOF-VIII-Hotel II Anguilla Holdings LLC on a preliminary basis pending an April 12 final hearing on the loan.

SOF-VIII-Hotel II is an affiliate of Barry Sternlicht’s Starwood Capital Group, which acquired the mortgage...
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