Blue Canyon Country Club, Thailand Exits Bankruptcy Court
A Top Golfing Destination in Phuket
BANGKOK, Thailand, May 30, 2006. The Central Bankruptcy Court in Bangkok today announced a welcomed decision that allows Murex Co Ltd, Blue Canyon Country Club's holding company, to officially exit its debt restructuring process under the administration of the Central Bankruptcy Court. This decision follows closely on the announced release of title deeds by Blue Canyon in March 2006 to buyers of condominium units and villa land plots, enabling them to be registered as owners of their property at Blue Canyon. The entire title deeds release process is expected to be completed over the next few months.
Blue Canyon has long been recognized as one of the leading golf resorts in the region, and for having one of the most outstanding golf courses, not only in Southeast Asia, but in the world.
The Plan Administrator of Murex, BC Golf Resort Management Co Ltd, has been instrumental in the implementation of the Debt Restructuring Plan, which has been under execution since 2002. The Central Bankruptcy Court today noted that Murex has fully complied with its obligations under the Debt Restructuring Plan and has satisfied all payments to its creditors from proceeds of a new capital injection of THB2.0 billion (approximately USD48.8 million) into the holding company of Murex by its owners which was announced late last year.
For Mr Sia Leng Yuen, the Chairman of Blue Canyon and one of the owners, this is a step forward: "This is great news for us as Blue Canyon can now look forward to the future and focus on ensuring that it remains not only Asia's premier golfing destination but also one of the best property investments in the region."
The immediate future for Blue Canyon will see major development and refurbishment of the entire property which will further enhance its brand name, as it reinforces the partners' vision to ensure that Blue Canyon offers a truly luxurious experience, providing new levels of exemplary service, contemporary decor and luxurious amenities. Legendary hotelier Adrian Zecha, Chairman of General Hotel Management Ltd (GHM), Kerry Hill Architects and designers Jaya Ibrahim & Associates have also been engaged to lend their expertise to ensure an elegant transformation of the renowned golf property.
The capital injection and the Central Bankruptcy Court's decision ensure a promising future, not only for Blue Canyon, but also for all its employees and the people of Phuket, and are clear endorsements of the management and owners. Undoubtedly, Blue Canyon's financial health is now firmly secure which will enable Blue Canyon to strengthen its position and enhance Thailand's standing as a world-class golf destination.
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