fp Turks and Caicos

Washington Misick says he will continue to work hard to find solutions to turn around and grow the Alexandra Resort and Spa after its creditor, British Caribbean Bank, put the property into receivership.

“On June 7, 2012, BCB placed the ARS in receivership, and appointed a receiver/manager of the property,” Alexandra developer Misick said in a press statement.

“I am disappointed that BCB chose receivership rather than a number of possible work-out options available to it. However, it has given its assurance that business will continue as usual, that all employee jobs are protected, and that every effort will be made to enhance the going-concern value of the business. To that end I have agreed to assist where necessary in the interest of all stakeholders.”

Alexandra Resort and Villas Limited is the development arm of Alexandra Resort and Spa. Misick said the resort had been hit hard by the international phenomenon of high levels of inventory, penal interest rates and sluggish sales. Its subsidiary Millennium Management Ltd. (MML), which manages the resort, is both solvent and profitable, according to Misick.

“It bears mentioning that no other business operated by me is in any way affected by the receivership of the ARS,” Misick added.