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Cap Juluca GM: “Business as Usual” Despite Financial Dispute Among Certain StakeholdersNovember 29, 2011 By: Joe Pike
While a long running dispute among certain Cap Juluca stakeholders continues, financial restructuring at the luxury resort in Anguilla is currently being administered, a Cap Juluca spokesperson told Travel Agent on Tuesday.
“The resort has recently received financial support through first round re-financing to ensure that normal operation continues,” said William Tacon, a partner of Zolfo Cooper, the independent company that is handling the restructuring, in a written release. “I would like to assure you that Cap Juluca is and will continue to operate normally. Everyone involved in this restructuring process is committed to the short and long term success of Cap Juluca. Our goal is that the resolution of this process will allow Cap Juluca to continue to improve and increase its reputation as one of the best resorts in the world.”
Commenting on the most recent developments, Cap Juluca’s General Manager, Gary Thulander said in a written release, “We are preparing for a very busy upcoming season. We are looking forward to welcoming the arriving guests and providing quality service while ‘Creating Experiences Beyond Expectations’. It remains business as usual at Cap Juluca.”
Earlier this month, The Daily Herald reported that Cap Juluca was facing auction of some of its assets. According to that report, the owner of the property, Adam Aron, had reportedly failed on his payment to the previous owner Charles Hickox at the end of July and still owes some $67 million.
In fact, The Anguillan is reporting that one of three investors, already having a stake, in Cap Juluca, is expected to emergae as the new owner of the resort under a new Memorandum of Undertsanding. The property is now in receivership.
In the meantime, a third investor and partner of Aron, Mark Rowan, secured his investment in abid in an auction sale of the hotel’s fixtures and chattels on Monday, November 7. It is a matter which the Executive Council has been dealing with over the past several days in an effort to keep Cap Julucafunctioning, notwithstanding the auctioning of equipment, and to keep the 400-odd employees in their jobs, according to The Anguillan.
Meanwhile, Anguilla's Chief Minister Hubert Hughes told The Daily Herald the resort has many financial and other issues and that there is also a problem with regards to Thulander's work permit. It expired roughly a month ago and the Government gave him an additional three months, so that a replacement could be found. A spokesperson for the resort, however, told Travel Agent, "Gary is still the GM and currently there is nothing to report about any change in management."