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. FirstBank on Friday filed papers urging a Florida bankruptcy judge to dismiss the chapter 11 case of Scrub Island Development Group Ltd., which was filed days after a Caribbean court appointed a receiver to take over the company's 230-acre private island and its amenity-stocked resort. The bankruptcy filing stopped that court action, a move that FirstBank says shouldn't be allowed to go forward.
