Singapore Flyer Not Spinning Well

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Singapore Flyer announced that it’s operator, Singapore Flyer Pte Ltd (UEN: 200306169R), is in receivership and appointed Accounting firm Ferrier Hodgson as the receiver and manager of the company’s charged assets. This is 5 years after its grand opening in 2008. The flyer took 3 years to construct. Ridership figures foundered despite a promising start, as the operator struggled to match its record high of 230,000 visitors in July 2008. To be taken for a ride, an adult has to pay S$33 (US$26) for a half hour ride and for kid rider pays S$21. The Singapore Tourism Board (STB) is the landlord of Singapore Flyer. Germany based lender UniCredit Bank AG is one of Singapore Flyer main creditor.

fly away
Photo Credit: Flickr.

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