Singapore Flyer placed in receivership

SINGAPORE — The Singapore Flyer has been placed in receivership just 5 years after it opened.

Tim Reid, Theresa Ng and Tan Aik Kiat of Ferrier Hodgson have been appointed as Receivers and Managers over the charged assets of Singapore Flyer Pte Ltd, the company which owns the 165-metre-high observation wheel.

Commenting on the development, Mr Reid said the Flyer is an iconic attraction and has become an integral part of Singapore’s city skyline: “We are confident that we will be able to identify investors with the vision to manage, diversify and enhance the Singapore Flyer, thereby securing its long-term future as a significant Singapore attraction. We will be calling for expressions of interest shortly to commence the process.”

He add that it is business as usual at the attraction, and his team looks forward to the support of management and staff through the process.

“We are committed to working closely with business partners and tour operators to ensure smooth operations throughout the receivership.”

The Singapore Tourism Board (STB) said in a statement: "STB reserves our rights as landlord and will be closely engaging the various parties involved to ensure the best possible outcome that enhances the tourism sector. We look forward to a smooth resolution with minimal disruption to the public and visitors."