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.
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.
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.
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.
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.