FirstBank Pushes Court To Throw Out Island Resort's Ch. 11
By Maria Chutchian
Law360, New York (December 2, 2013, 5:47 PM ET) -- FirstBank Puerto Rico on Friday urged a Florida bankruptcy court to toss a British Virgin Islands-based luxury resort owner’s Chapter 11 case, saying the company launched the proceedings to derail the bank’s efforts to collect $120 million it is owed.
The bank, which is a secured creditor of Scrub Island Development Group Ltd., argues in court papers that not only did the company file in bad faith, it doesn’t have enough assets nor does it conduct enough business in Florida to justify filing bankruptcy there....