Displeased Creditors Fight Barnes Bay's Ch. 11 Plan

Law360, Wilmington (September 14, 2011, 8:16 PM EDT) -- Disgruntled creditors fought to derail Barnes Bay Development Ltd.’s Chapter 11 plan during a confirmation hearing on Wednesday, alleging the Caribbean resort developer is discriminating against similarly situated creditors.

The objecting creditors are all individuals or companies that put down deposits on residences at the debtors’ swanky resort in Anguilla and cried foul when the plan proposed that most would receive a 15 percent recovery and a few would get 50 percent.

The deposit creditors, whose claims total $53 million, were allowed under the plan, however,...
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