yesterday to the project's principal creditor, Central Guaranty Trust Company (CGTC).

The offer came only a day after Price Waterhouse, which is represented in Bermuda by Gray & Kempe, was appointed as receiver of the Club.

CGTC's vice president Mr. Larry Clinesmith said last night: "I have received an offer from one of the largest hoteliers in Canada and we will be working on it over the next several days.'' Mr. Clinesmith said he was pleased that CGTC's efforts to appoint a receiver had succeeded.

CGTC, which is owed $9 million, announced it planned to seize the Club two weeks ago.

But there was a hold-up while CGTC received assurances from the Bermuda Government that the St. George's Club's land lease with Government would not be affected by the seizure.

The appointment of a receiver has enabled the Club to get its hands on a substantial amount of working capital which CGTC had forwarded to Bermuda over the last few days.

The money will enable current construction, which had slowed down recently, to continue unimpeded and will ensure that the Club can operate normally.

Following the appointment of Price Waterhouse as receiver, Mr. Richard Kempe, a partner in Gray and Kempe, has taken over responsibility for the 65-unit timeshare project.

He stressed yesterday that it would be "business as usual'' at the Club.

"We're anxious to preserve the operation for the benefit of the timeshare owners, which means we would like to sell the operation, as well as its assets, as a going concern,'' he said.

"We intend to continue with the present management and staff. There will be no changes.'' Mr. Clinesmith, too, said he was more than happy with the performance of the St. George's Club's executive vice president Mr. Dan Kramer and its general manager Mr. Alan Marlow.

"The comments from Bermuda's Government about these two men have been very positive,'' he added. "We're very pleased with the management of the Club.'' But CGTC was not at all happy with the role of the York Hannover group, which owned the St. George's Club until it was seized by CGTC, he said.

York Hannover, which is collapsing all over the world, is currently being investigated by several Police forces, including Bermuda's, and also by the Swiss banking authority.

The company thought to be the group's ultimate holding company, based in Switzerland, was wound up earlier this month.

Mr. Clinesmith said legal action was proceeding against Bermuda Commercial Bank, which has seized $380,000 from the St. George's Club. CGTC, which claims the money was illegally seized, has vowed to take the Bank to court to get the money back. The Bank, which had made a loan to the Club, denies it has acted improperly.