A US court ruling has provided a sense of hope for the government and people of Nevis who are anxiously awaiting the reopening of the Four Seasons Resort later this year.

In a Delaware bankruptcy court Honorable Brendan Linehan Shannon granted the Wells Fargo motion to dismiss the involuntary bankruptcy petition filed by Capstead Mortgage against Four Seasons Resort, Nevis, mooting the Nevis government's motion having the case heard.

Capstead and two other alleged creditors of Four Seasons Nevis owner Hotel Equity Fund V, LLC attempted to block foreclosure proceedings on the luxury resort, which would have delayed any plans for reopening the property within the expected timeframe.

During its operations the Four Seasons, Nevis was considered the lifeblood of the small island, accounting for 40% of the gross national product, directly employing 20% of the workforce and indirectly accounting for about 40% of the total workforce. It remains closed after being damaged by Hurricane Omar in October 2008.

On Tuesday Premier Hon. Joseph Parry said the reopening of the Four Seasons would not only alleviate the unemployment problem on the island but would stimulate the economy on many levels.

"Nevis needs to be able to earn money again; we need to stabilize and begin to reduce our debt. With the re-opening of the Four Seasons we would be able to begin to reduce our debt because taxes and dues and customs duties etcetera will begin to be paid again; visitors will be going to the restaurants again; they will be having activities again on the island and this would rev up the economy again and that will cause money to be in the Treasury," he explained, adding that it would alleviate the government's dependence on an existing multi-million-dollar overdraft.

"We don't intend to depend on the overdraft forever. We were thinking by December we should have stabilized and begun to have reduced the overdraft. But of course this is dependent on Four Seasons reopening in November and we are doing everything in our power to ensure that it is reopened in November."

Parry asked that all stakeholders including financial institutions holding mortgages and other debts for out-of- work locals to be patient.

"There are people out there who are out of work, who have obligations, who have mortgages, who are having difficulties with the banks. Let us say thank God that it is likely that the Four Seasons will be reopened before the end of the year. I say to the banks and other financial institutions, be patient with the people; the people want to pay but they are not able at this time to pay because they do not work. Just remember that when times were good everybody was begging these same people to take a loan, buy a car, buy a piece of land. Let us all work together as we seek to improve the situation," the Premier advised.

The Observer spoke with the opposition Concerned Citizens Movement's Hon. Mark Brantley who said his party welcomes every effort to get the Four Seasons reopened and the people back to work.

"We have indicated our support of the government's efforts and see no need to try to politicize this national issue. It is our fervent hope and desire that the resort will reopen this year and that our people will be able to resume work and some sense of normalcy," the Constituency #9 parliamentary representative said.

He told this media house that the CCM saw the issue as critically important to the economic revival of Nevis which "has suffered tremendously" in this period of economic downturn.