Pursuits
Luxury Resort’s Bankruptcy Claims Called False by Lender
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A bankrupt British Virgin Islands luxury resort owner was assailed by lender FirstBank Puerto Rico for an allegedly “false and misleading” court filing saying a settlement had been reached over the bank’s claims.
The resort owner, Scrub Island Development Group Ltd., filed a restructuring proposal March 19 in U.S. Bankruptcy Court in Tampa, Florida, where it’s based, saying it had an agreement with FirstBank on the treatment of almost $120 million in claims.