Puerto Rico, which is battling a financial crisis of high unemployment and a crushing debt load, is under pressure to show investors and credit-rating agencies that it can still borrow money from the capital markets, the New York Times DealBook blog reported yesterday.
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The owner of the Scrub Island resort in the British Virgin Islands is fighting its lender to use U.S. bankruptcy protection to rework its more than $130 million worth of debt, the Wall Street Journal reported today.
FirstBank Puerto Rico asked a court to dismiss a bankruptcy case filed by the owner of a luxury Caribbean island resort, saying that it is interfering with an ongoing effort to collect the more than $120 million it is owed, Dow Jones Daily Bankruptcy Review reported today.
Scrub Island Development Group Ltd., the owner of a British Virgin Islands luxury resort, sought bankruptcy protection to end a receivership it claims was secretly put in place by its lender, Bloomberg News reported yesterday. The company listed debt and assets of more than $100 million each in chapter 11 documents filed on Tuesday.