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St. Kitts and Nevis Information
Four Seasons Resort Nevis Sold at Auction
2010-06-14 20:45:00 by
The foreclosed Four Seasons Resort on Nevis was sold by public auction May 27 to St Kitts-Nevis Resort LLC for US $86,651,000. This should expedite the re-opening of the resort and rehire of hundreds of workers laid off at the closing.
As reported by the Leewards Times, "The process was a normal foreclosure on the property by the lead lender Wachovia and that under St. Kitts and Nevis law, Wachovia was allowed to bid and did so using a Special Purpose Vehicle ('SPV'), St. Kitts Nevis Resorts LLC. The price was fixed by the Court and Wachovia bid the upset price. Therefore the new owner of the Four Seasons Resort Nevis through foreclosure is now Wachovia?s SPV 'St. Kitts-Nevis Resorts LLC.' The ball is now in Wachovia?s court to fund and ensure the reopening of the resort."
As reported by the Leewards Times, "The process was a normal foreclosure on the property by the lead lender Wachovia and that under St. Kitts and Nevis law, Wachovia was allowed to bid and did so using a Special Purpose Vehicle ('SPV'), St. Kitts Nevis Resorts LLC. The price was fixed by the Court and Wachovia bid the upset price. Therefore the new owner of the Four Seasons Resort Nevis through foreclosure is now Wachovia?s SPV 'St. Kitts-Nevis Resorts LLC.' The ball is now in Wachovia?s court to fund and ensure the reopening of the resort."