Bankrupt Bintan resort for sale<\/p>\n
SINGAPORE: A bankrupt resort on the Indonesian island of
\nBintan was given the go-ahead to look for a buyer after
\nSingapore's High Court threw out a bid by creditors to put it
\nunder judicial management, news reports said on Thursday.<\/p>\n
Singapore-majority owned Bintan Lagoon Resort will continue to
\noperate until it is sold, the court ruled.<\/p>\n
The petition was filed by several creditors, including DBS
\nBank and the Inland Revenue Authority of Singapore, seeking to
\nrecover S$70 million (US$42.6 million), The Straits Times said.<\/p>\n
They had purchased bonds issued by Bintan Lagoon Resort that
\nwere not paid on maturity in 2000.<\/p>\n
Placing the company under judicial management would have given
\nthe plaintiffs a higher chance of recovering their money than
\nliquidation.<\/p>\n
The High Court decided on Wednesday it was not in the public's
\ninterests to take this route, however.<\/p>\n
"The sales process can now resume at full speed," Ong Yew Huat
\nwas quoted as saying. He is from Ernst & Young, appointed as the
\nreceiver and manager of the resort in October.<\/p>\n
He said serious talks were going on with several
\ninternational, regional and local parties.<\/p>\n
The resort features two 18-hole golf courses designed by Jack
\nNicklaus and Ian Baker-Finch and a hotel with 416 rooms and six
\nvillas. -- DPA<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bankrupt-bintan-resort-for-sale-1447893297",
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"sponsor": "Okusi Associates",
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