Island Resort Kicks Off Bid To Wipe Out $122M Bank Debt

Law360, New York (November 3, 2014, 7:04 PM EST) -- A Florida bankruptcy judge on Monday put off ruling on a British Virgin Islands luxury resort owner's request to wipe out $122 million in debt held by FirstBank Puerto Rico until he decides whether to cram down the debtor's bankruptcy exit plan.

U.S. Bankruptcy Judge Michael Williamson said at a hearing in Tampa, Florida, that he would deliver a "global decision" on both the confirmability of the Chapter 11 plan and Scrub Island Development Group Ltd.'s attempt to equitably subordinate its debt to FirstBank under a pair of promissory notes.

Judge Williamson's comments came at the beginning of an evidentiary hearing...

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