Reuters: Bankruptcy News: Singapore Flyer put in receivership, but "business as usual"

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Singapore Flyer put in receivership, but "business as usual" May 28th 2013, 10:47 SINGAPORE | Tue May 28, 2013 6:47am EDT SINGAPORE May 28 (Reuters) - The Singapore Flyer, a giant observation wheel seen as a major tourist attraction in the city-state, has been put in receivership just five years after it was launched to much fanfare. Ferrier Hodgson, which specialises in insolvency and corporate turnarounds, was appointed as receivers and managers over the charged assets of Singapore Flyer Pte Ltd, the company which owns the 165-metre-high wheel. It said in a statement on Tuesday that "it is business as usual at Singapore Flyer" and it is working with business partners and tour operators to ensure smooth operations through the receivership. Ferrier Hodgson also said it is confident it will be able to identify investors to manage and improve the Singapore Flyer. "We will be calling for expressions of interest shortly to commence the process." Singapore hopes to attract 14.8 million to 15.5 million visitors this year, up from last year's estimated 14.4 million, the Tourism Board said in March. (Reporting by Eveline Danubrata; Editing by Kim Coghill)

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