Ritz-Carlton faces takeover by creditor

(CNS Business): The owner of a $250 million loan used to build The Ritz-Carlton, Grand Cayman is attempting to take control of the development, including the hotel, residences, spa, restaurants and golf course, according to a report published on OffshoreAlert. RC Cayman Holdings LLC, which acquired the loan in May 2011, has filed suit in the Cayman Grand Court seeking an injunction against a number of defendants, including Ritz developer Michael Ryan, to prevent them from "interfering with" its attempts to take control of the development. Ryan still has a debt to the Cayman government of $6 million in outstanding duty payments. Read full story on CNS Business