• Home
    • Articles
    • Ritz-Carlton, Grand Cayman’s balance sheet shows insolvency of $340 m, court told

    Ritz-Carlton, Grand Cayman’s balance sheet shows insolvency of $340 m, court told

    The Ritz-Carlton, Grand Cayman development appears to be insolvent by at least US$340 million, developer Michael Ryan and one of his many firms took out more than US$44 million from 2005 to 2012 in circumstances that are under investigation, and the “best hope” for unsecured creditors is a dividend of 2.5 cents on the dollar, according to information in a court ruling issued yesterday.