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The Supreme Court is being asked to resolve several issues that have derailed a scheme of arrangements for a payout to creditors of Mystic Mountain Limited, MML, which owns and operates the Ocho Rios-based attraction known for its bobsled and rainforest zip line rides.
A hearing is set for December 2 following an application by MML-appointed trustee Caydion Campbell of Kingston-based Phoenix Restructuring, Advisory & Insolvency Services Enterprise.
A newspaper notice by Campbell, dated November 11 and published in The Sunday Gleaner on November 21, informed that the open court hearing, scheduled for one day, will seek to determine several issues, among them, matters that remained unresolved following meetings of unsecured and secured creditors in August.
“Who is entitled to receive notice of a meeting of creditors to consider a proposal, made only to secure creditors, under the Insolvency Act,” was listed among the issues before the court.
A meeting ostensibly of secured creditors, held virtually on August 9, failed to arrive at a decision on a proposal which MML made at the event asking bondholders to agree to keep current, the unpaid bonds they hold but on which MML had defaulted, and to accept the money representing interest and principal, in two payments in December this year and again in June 2022.