Bankrupt Bintan resort for sale

Bankrupt Bintan resort for sale

SINGAPORE: A bankrupt resort on the Indonesian island of
Bintan was given the go-ahead to look for a buyer after
Singapore's High Court threw out a bid by creditors to put it
under judicial management, news reports said on Thursday.

Singapore-majority owned Bintan Lagoon Resort will continue to
operate until it is sold, the court ruled.

The petition was filed by several creditors, including DBS
Bank and the Inland Revenue Authority of Singapore, seeking to
recover S$70 million (US$42.6 million), The Straits Times said.

They had purchased bonds issued by Bintan Lagoon Resort that
were not paid on maturity in 2000.

Placing the company under judicial management would have given
the plaintiffs a higher chance of recovering their money than
liquidation.

The High Court decided on Wednesday it was not in the public's
interests to take this route, however.

"The sales process can now resume at full speed," Ong Yew Huat
was quoted as saying. He is from Ernst & Young, appointed as the
receiver and manager of the resort in October.

He said serious talks were going on with several
international, regional and local parties.

The resort features two 18-hole golf courses designed by Jack
Nicklaus and Ian Baker-Finch and a hotel with 416 rooms and six
villas. -- DPA