MSR Resort, a hotel chain owned by Paulson & Co., has reached a settlement with its creditors, the Government of Singapore Investment Corp. and Five Mile Capital, Reuters reported. The deal, MSR says, will allow it leeway to come up with a plan to emerge from bankruptcy, Reuters wrote. Under the settlement, MSR will present its plan by September 1, 2012. The company filed for bankruptcy in February.
The two creditors had been fighting Paulson’s restructuring efforts for MSR, which includes the Doral Golf Resort & Spa, and objected to its request to the court for more time to have the exclusive right to come up with a reorganization plan. Full story
