SunResorts drafting
plans for Mullet Bay
PHILIPSBURG--As the Mullet Bay Resort moratorium is expected to end on September 4, paving the way for rebuilding what was once St. Maarten’s flagship resort, SunResorts Limited N.V. is drafting a “master plan” for the area.
Clarence Derby, manager of The Towers at Mullet Bay which belongs to SunResorts, told The Daily Herald a plan was in the works, but was not at liberty to discuss any details until the process was further along.
The resort was laid waste by Hurricanes Luis and Marilyn in 1995 and since then SunResorts and the Mullet Bay Apartments Association (MBAA) have fought in court over rebuilding and other financial aspects.
SunResorts and its creditors are set to ratify a settlement in which the apartment owners will sell their property for prices ranging from US $44,000 to $110,000 on September 4. A judge will then officially approve the agreement.
SunResorts was granted a moratorium on payment to creditors in April 1997, which was renewed several times, most recently on March 7, 2005. Parties agreed on July 14 to settle the matter and to terminate all other court cases that were still pending in St. Maarten and in New York.
The majority of the apartment owners and 17 other creditors voted in favour of an agreement submitted by SunResorts and its trustees. Only seven apartment owners voted against the agreement.
St Maarten vacation rental
