British Virgin Islands Resort Owner Files Restructuring Plan
This article is for subscribers only.
Scrub Island Development Group Ltd., the owner of a British Virgin Islands luxury resort, filed a proposed restructuring plan that resolves a dispute with lender FirstBank Puerto Rico, which forced it to seek court protection.
The company filed a reorganization plan today in U.S. Bankruptcy Court in Tampa, Florida, where it is based, that will allow it to exit bankruptcy through capital infusions from new and current investors and an agreement with FirstBank reducing its claims of about $120 million.