Mystic debenture holder paid, other debt being settled

Wilfred Baghaloo, receiver for bankrupt Mystic Mountain Limited, says the closing of the sale of the adventure park is still pending, but is near its end point.

Additionally, the debt to debenture holder and secured creditor Sky High Holdings Limited, which held $1.1 billion of Mystic Mountains bonds, has been settled.

“Noteholders [have been] paid and other [debt owned to] creditors are being settled,” Baghaloo told the Financial Gleaner, as the year drew to a close.

He said the sale process for the Ocho Rios-based park was 95 per cent completed and that closing awaited elements of the agreement.

“They are minor issues, as is typical with most agreements. Possession occurred, and I have started to settle with creditors, in accordance with the [Insolvency] Act,” the receiver said last Friday.

The amount of funds available for sharing among the remaining creditors was not ascertained.

The sale of the property was approved by Justice David Batts last year. The buyer offered US$13 million for the business and leases, which was placed in escrow, Baghaloo said, while legal challenges and a review of the deal wound their way through court.

Baghaloo was appointed receiver by Sky High Holdings in early 2022 after the secured creditor exercised a denture to take over Mystic Mountain.

In December, Mystic Mountain was shuttered, the workers were made redundant, and telephone lines deregistered.

No update was forthcoming on when the attraction is likely to be reopened to the public.

avia.collinder@gleanerjm.com