Bankrupt Caribbean Resort's $40M Deal With Lender OK'd

Law360, New York (March 13, 2015, 7:10 PM EDT) -- A Florida bankruptcy judge on Friday approved a modification to Scrub Island Resort's confirmed plan after the resort reached a $40 million settlement with sole secured lender FirstBank Puerto Rico.

U.S. Bankruptcy Judge Michael G. WIlliamson granted the parties' joint motion to modify debtor Scrub Island Development Group Ltd.'s confirmed bankruptcy plan, following FirstBank's agreeing to mediate its claims with the debtors after the bank was denied a stay of the case earlier this year.

"The settlement agreement is approved. The plan and the confirmation order are modified to conform to the settlement agreement," Friday's order said. "The terms of the...

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