A secured creditor appointed KRyS Global as receiver over Cap Juluca, a luxury resort in Anguilla. The resort had been the subject of ownership disputes spanning 20 years. A separate liquidator had been appointed over the company and had announced imminent closure of the resort.
The secured creditor, holding legal charges over the business and certain of the buildings, was concerned about the preservation of value in the company and related assets.
KRyS Global assumed control of the resort from the liquidator and maintained operations with minimum disruption. KRyS Global dealt with a number of difficult issues, such as opposing secured creditors seeking to enforce their charges over various company assets, which would have impeded operations of the company, as well as supplier concerns, and claims over equipment.
The secured creditor that appointed KRyS Global eventually obtained control by credit bidding its debt in an asset sale process.
KRyS Global succeeded in maintaining the operations of the resort without any cash injection from the secured creditor. KRyS Global was able to achieve this by finding ways to control costs and closely manage working capital. More importantly, these cost controls were achieved with minimum disruption to ongoing operations – in fact the resort did not receive one negative trip advisor review resulting from the receivership.
Subsequently, the resort was voted No. 1 Beach Resort in the World in the well-respected luxury travel poll by Andrew Harper.