Barnes Bay Cleared To Unload Resort At Auction

Law360, Wilmington (May 19, 2011, 5:37 PM EDT) -- A Delaware bankruptcy judge cleared Barnes Bay Development Inc. on Thursday to sell its Caribbean resort Viceroy Anguilla at an auction where the minimum bid will be $165 million.

U.S. Bankruptcy Judge Peter J. Walsh approved procedures for the auction, which will take place on July 27.

Barnes Bay entered bankruptcy in March after labor strikes and a 2008 hurricane swelled the project’s cost to $530 million, more than triple original estimates. The developer planned from the outset to sell the resort to secured lender Starwood...
To view the full article, register now.