Barnes Bay readies for sale of Viceroy Anguilla Resort to Starwood affiliate, highest bidder

By Lisa Kerner

Charlotte, N.C., May 19 - Barnes Bay Development Ltd.'s bid procedures for the sale of its Viceroy Anguilla Resort and Residences were approved, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

An auction will be held on July 27.

The sale hearing will be held in conjunction with the company's plan confirmation hearing, the filing said.

As previously reported, a Starwood Capital Group-controlled affiliate owns the $358 million mortgage on Viceroy Anguilla and expects to acquire the resort as part of the sale and bankruptcy plan.

Barnes Bay said it has asked the court to allow the sale to take place in Anguilla in compliance with Anguillan law, a process will result in an auction open to all interested bidders.

Barnes Bay, the developer of the Viceroy Resort and Residences in Anguilla, British West Indies, filed for Chapter 11 bankruptcy on March 17 to complete the sale of the property to a Starwood Capital Group-controlled affiliate that owns the $358 million mortgage on Viceroy Anguilla. The Chapter 11 case number is 11-10792.

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