Port of Airlie in receivership

THE Townsville Bulletin has reported the $750 million flagship Port of Airlie project has been placed in receivership.

Developer Meridien Group said the project had been placed in the hands of Peter Anderson, Jamie Harris and John Cronin, of McGrathNicol, apparently at the behest of Bank of Scotland.

The Townsville Bulletin said Meridien managing director Russell McCart stressed that the receivership related only to the Port of Airlie development and did not affect the group's other holdings and projects.

Mr McCart said Meridien would work closely with the receivers "in a concerted effort to continue with the Port of Airlie development".

"Port of Airlie has been 10 years in the making and Meridien has committed more than $200 million to the project," he said.

"The ongoing global financial crisis, cyclones, strong Australian dollar and poor tourist numbers have slowed the Whitsunday region's growth," Mr McCart said.

Peter Anderson said businesses at Port of Airlie would continue trading as normal.