Legal tip 262. Polaris world selling 100 million euros assets to Banks
Friday, April 23, 2010 @ 2:19 PM
Polaris World’s has been able to refinance its debt by selling some of their assets to its most important creditor banks . By means of this actions Polaris has waived going into administration (Creditors Meeting).
Polaris has refinanced a debt for 100 million Euros owed to 15 major high street banks. The agreement implies the selling to these banks of a good number of its assets.
As a purchaser of Polaris World off plan developments you still have and keep your rights over the property or properties that you are purchasing or have paid deposits for this purpose; regardless of who the proprietor is.
Nevertheless, under these new circumstances and by means of the above refinancing agreement, Polaris has been able to receive cash that will allow it to comply and fulfill their liabilities. Among the liabilities they should now face, are those for which we are representing you: Cancellation of your Purchase Contract due to delay and lack of advertised facilities and full refund of your deposits and interests. If your case is currently following a legal proceeding in the Courts, and if your case is won as we are confident and expect to, these liabilities will also include the full coverage of your legal costs.
Polaris will concentrate now more on real estate management, touristic and sport services aand on the manufacturing and sale of furniture. A very good and wise option in my opinion. Congratulations to Polaris World!
By Maria L. de Castro
www.costaluzlawyers.es