Hyatt developer collapses, report claims

Australian-owned Hudson New Zealand, project manager for Auckland's Hyatt Regency Residences, has been placed in liquidation, according to today's The Independent newspaper.

The business weekly said shareholders had placed the company in liquidation with an estimated debt of $17.9 million.

The company was project managing the 17-storey apartment block and adjoining 274-room Hyatt hotel upgrade.

Liquidators Arron Heath and Karen Mason of Meltzer Mason Heath were reported to have been appointed on August 31. Their first report revealed $8.4m of the debt was an inter-company advance.

Neither Ms Mason nor Mr Heath was immediately available to comment.

The Independent reported Canadian-based Singapore investor, Rudolph (Randy) Mendex's Pacific Holdings last week won summary judgment in the High Court against Hudson and its New Zealand subdisiary for repayment of a $2m loan plus interest of $338.739, made in December 2002 to fund completition of the Hyatt development.

- NZPA