Receivers and managers have been appointed over the charged assets of Singapore Flyer Pte Ltd, the company behind the iconic tourist attraction in the Marina area.
In a statement, Tim Reid from recovery firm Ferrier Hodgson said: "We are confident that we will be able to identify investors with the vision to manage, diversify and enhance the Singapore Flyer, thereby securing its long-term future as a significant Singapore attraction."
He said Ferrier Hodgson will be calling for expressions of interest shortly to commence the process. He added that "it is business as usual at Singapore Flyer, and we look forward to the support of the management and staff through this process".
"We are committed to working closely with business partners and tour operators to ensure smooth operations throughout the receivership," said Mr Reid in a statement on Tuesday. The Singapore Flyer is the world's largest Giant Observation Wheel and also one of Asia's biggest tourist attractions. The 165-m-high wheel was launched in 2008.