• Kyodo


Miyazaki Gov. Suketaka Matsukata said Tuesday his talks with U.S. investment firm Ripplewood Holdings LLC, the buyer of Seagaia, did not go into specifics about rehabilitating the failed resort complex.

“There were no discussions, such as over taxes,” he told reporters after the meeting in Miyazaki earlier in the day with Tim Collins, Ripplewood’s chief executive officer.

There had been speculation that the prefectural government might provide financial aid to Ripplewood.

Ripplewood agreed in May to take over Phoenix Resort Ltd., the semipublic entity that operated the Seagaia resort and sought court protection in February with group debts of 326.1 billion yen in Japan’s largest failure of a semipublic entity.

The Miyazaki Prefectural Government has a 25 percent stake in Phoenix Resort.

Matsukata said he told Collins that the prefectural government is willing to extend as much help as possible to rehabilitate the resort, but he did not elaborate.

According to local government officials who attended the meeting, Collins said he was fascinated by the Seagaia resort, and wants to turn it into a place of recreation and relaxation for the elderly.

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