Scrub Island Development Group Limited

  1. March 13, 2015

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

    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.

  2. January 27, 2015

    Caribbean Resort Lender Fails In Attack On Ch. 11 Plan

    A Florida bankruptcy judge paved the way on Monday for the offshore Scrub Island Resort to execute a debt restructuring that pays off FirstBank Puerto Rico's $122 million claim over 30 years, calling the bank's request for a delay just its latest attempt to sabotage a turnaround and seize the project.

  3. January 21, 2015

    Resort Wins Approval Of Ch. 11 Plan, Drawing Bank Ire

    A Florida bankruptcy court on Tuesday confirmed resort company Scrub Island Development Group Ltd.'s amended Chapter 11 plan to finish construction work in the British Virgin Islands and take 30 years to repay up to the full amount of its $122.5 million loan from FirstBank Puerto Rico.

  4. November 03, 2014

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

    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.

  5. December 02, 2013

    FirstBank Pushes Court To Throw Out Island Resort's Ch. 11

    FirstBank Puerto Rico on Friday urged a Florida bankruptcy court to toss a British Virgin Islands-based luxury resort owner's Chapter 11 case, saying the company launched the proceedings to derail the bank's efforts to collect $120 million it is owed.

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