Barnes Bay Creditors Fight For Ch. 11 Trustee

Law360, Wilmington (May 6, 2011, 8:03 PM EDT) -- Unsecured creditors in Barnes Bay Development Inc.’s bankruptcy presented evidence Friday in support of their motion to appoint a Chapter 11 trustee, highlighting that the luxury resort developer’s plan releases potentially valuable claims that an independent trustee could pursue.

Barnes Bay filed for bankruptcy protection in March after labor strikes and a 2008 hurricane delayed the Caribbean resort’s opening and construction costs ballooned. The company’s plan to sell the resort to secured creditor Starwood Capital Group has met increasing resistance from the official committee of unsecured...
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