The parent company of the once iconic Aggie Grey Hotel, Grey Investment Group Limited, is in receivership discussions affecting all its properties and assets.
Samoa Observer reports the notice of appointment of receivers for Grey Investment Group Limited confirmed the financial strain the company is in.
“The property in receivership is all of the company’s undertaking, property and assets,” read the notice.
Stephen Keen and Mark McDonald of Grant Thornton New Zealand Limited were appointed joint and several receivers and managers of Grey Investment Group Limited on 4 August 2023, under the terms of a mortgage debenture dated 21 May 2016.
The notice further stated such debenture is security for a term loan agreement dated 8 June 2021.
The sole director of Grey Investment Group, Lupesina Frederick Grey said he is in receivership discussions with Grant Thornton, a multinational financial and accounting firm.
He said Grey Investment Group is working closely and openly with Grant Thornton on repaying a secured creditor from sales proceeds from some of its local and offshore assets.
Some of these offshore assets include the last of its three French Polynesian resorts, which the Grey Group has signed an unconditional sale and purchase agreement worth about $112 million tala with a Hawaii-based hospitality group called Arkan Hermes Centauri Hotel Group.
According to the businessman, once all the legal matters associated with the French authorities and French Polynesia officials are concluded, which he anticipates will happen shortly, then they can settle this one secured creditor and move on.
This last sale of assets concludes the Grey Investment Group’s hotel assets which once included the famous Sheraton Aggie Grey’s Hotel in Vaisigano, which was sold to Chinese Investors for SAT$100 million in August 2017.
