KAILUA, KONA, Hawai'i — A Mainland firm that specializes in restructuring distressed businesses has taken over the Big Island's luxury Hokulia subdivision.

Marotta, Gund, Budd and Dzera LLC, or MGBD, is Hokulia's new sole director.

Arizona developer Lyle Anderson revealed the change Friday after telling residents he was no longer involved in management but was still the named owner of the properties.

Anderson says his creditor, the Bank of Scotland, has the option to take ownership of the property or sell it.

A MGBD spokesman says all past commitments, including the Mamalahoa Highway bypass and the Hokulia Foundation, would be honored by any new owners.

About a third of the 665-lot luxury golf course subdivision is sold but infrastructure work has been halted since May.