WESTON, FL— Green Isle Partners Ltd., S.E. has filed for relief under Chapter 11 of the Bankruptcy Code. The case is currently pending before the Fort Lauderdale division of the United States Bankruptcy Court for the Southern District of Florida. The company owns the Ritz-Carlton San Juan Hotel, Casino & Spa— which is operated by the Ritz-Carlton Hotel Company LLC and its affiliate, Ritz-Carlton Hotel Co. of Puerto Rico. Prior to filing, the Company sued Ritz-Carlton in both state and federal courts in Delaware claiming that Ritz-Carlton committed numerous acts of fraud and mismanagement as well as refusing the company full access to its books and records. At the time of the filing, that litigation was still pending. The Honorable Raymond Ray has authorized the company to temporarily use its cash to operate, and entered a Temporary Restraining Order against Ritz-Carlton directing that it grant access to books and records to the company. Ritz-Carlton has been required to comply with the terms of its management agreement.
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