As administrative agent on behalf of and at the direction of the lenders holding the first lien loan encumbering the Temenos project owned by Flag Luxury Properties (Anguilla) LLC, Credit Suisse has appointed a receiver with effect from 1st February 2010.

The receiver appointed is Mr. William Tacon, the Managing Partner of Zolfo Cooper, BVI, who specialises in formal insolvency appointments and restructuring. Mr. Tacon is a Fellow of the Institute of Chartered Accountants of England and Wales and holds insolvency licences issued by that organisation and by the Financial Services Commission in the British Virgin Islands.

The lender group believes that the appointment of a receiver with a strong record of experience in relation to projects of this nature holds the best prospect of resolving the current stalemate over the project towards a constructive outcome.

The lender group hopes that this action will prove to be in the best interests not only of the lenders, as creditors of Flag, but also of Anguilla, as it is inherent in the process of a receivership that steps will be taken by the receiver that should improve the current status of the project.

Contact Information:
Duncan King, Credit Suisse 1 (212) 325 2590
William Tacon, Zolfo Cooper, BVI, 1 (284) 494-9600

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