Blue Canyon out of bankruptcy

BANGKOK: The Central Bankruptcy Court (CBC) in Bangkok today announced its decision to allow Murex Co Ltd, the holding company for Blue Canyon Country Club (BCCC), to officially exit the debt restructuring process it has undergone under the court’s administration.

BCCC, in an official release, stated, “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 [CBC] noted that Murex has complied fully with its obligations under the Debt Restructuring Plan and has satisfied all payments to its creditors from proceeds of a new capital injection of 2 billion baht into Murex by its owners, which was announced late last year.

“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.”

The release quoted Sia Leng Yuen, the Chairman of BCCC and one of the owners, as saying, “This is great news for us. 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 release continued, “The immediate future for Blue Canyon will see major development and refurbishment of the entire property, providing new levels of exemplary service, contemporary decor and luxurious amenities.

“Legendary hotelier Adrian Zecha, Chairman of General Hotel Management Ltd (GHM), [along with] 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.”

One final hurdle BCCC still has to clear is a slew of lawsuits filed since 2004 by former shareholders who allege falsification of documents and concealment of information, with intent to take control of Murex.

One of those shareholders, Rawat Chindapol, a founder of BCCC and Murex, told the Gazette today, “I have no objection to the court allowing Murex to exit the debt restructuring process.

“But I will not give up easily. I want [ownership of] Blue Canyon to return to Phuket. At the moment, we have eight criminal and civil suits outstanding over Blue Canyon. Our lawyers continue to collect data to support these cases.”