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Ten companies vie for rights to bankrupt resort and golf course

Date Posted: 2005-09-09

Southern Links, Okinawa’s most luxurious golf course, and Ryukyu Resort Co. went bankrupt in May.

In surrendering their rights to the heavily indebted company, with assets totaling Y17,300,000,000 ($172,000,000), but creditors demanding Y40,000,000,000 ($390,000,000), the furor began among nearly two dozen companies for a takeover. Officials have winnowed the number from 20 down to 10 companies, with bidders coming from the United States, Taiwan, mainland Japan and Korea.

So many companies want to take over the lucrative Ryukyu Resort operating company that they’re even proposing alliances with each other to strengthen their positions. The court will make a decision in November.

Decisions will center, officials say, on money and project proposals. Court officials are said to be strongly investigating each of the finalists. Once fear is that bidders will not want to pay creditors owed by the last owners, or that new owners won’t be able to make a go of it after paying creditors. Each company is now packaging its proposals to submit to the court, detailing how they would approach the potentially lucrative, yet dangerous, business.

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