Barnes Bay Strikes Deal With Creditors On Ch. 11 Plan

Law360, Wilmington (June 14, 2011, 3:38 PM EDT) -- Barnes Bay Development Ltd. filed a new liquidation plan Monday in Delaware after reaching an accord with unsecured creditors that will bump up their recoveries in return for their dropping a bid to appoint a Chapter 11 trustee to oversee the case.

Over the past month, the Caribbean resort developer and its secured lender — Starwood Capital Group, which is aiming to acquire the company at auction — forged a consensual plan with the official committee of unsecured creditors, which withdrew its trustee motion without prejudice,...
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