Aifos Files for Bunkruptcy Protection
Wednesday, July 29, 2009 @ 9:16 AM
We all know Aifos has been battling with its creditors over the last 12 months or more, and many of us (including many of the people on this site), have been stung one way or another by a company who has not seemed to deliver on its promises over the last 2 years. Many people are in current talks with their lawyers to see how they can get their deposits back.
According to recent media reports Aifos has recently filed for Bankruptcy protection with the courts in Malaga. This in itself is no surprise, and not new news to many of us, but what is astounding is the fact that the company may have more than 1 billion euros in debt which it still owes to some 15 or more creditors. Bankruptcy protection may in theory help them deliver on their promises and ensure the delivery of the projects which are are still under construction (some 3000 properties), and safeguard some of their staffs jobs, but time will tell.
Aifos are also owners of the two luxury Guadalpin Hotels in Marbella and Puerto Banus, both of which are bing handled by the receivers or the administrators, after the creditors forced them into adminstration earlier this year.
Let's hope there's a 'swift' resolution, but Spanish courts are not renowned for their speed in dealing with matters of this nature.