28/12/2009
Polaris World in Murcia has asked the court to allow several of its companies to benefit from three months bankruptcy protection in accordance with the Insolvency Act to allow them to renegotiate their debts, according to company sources of the residential tourism group.
The company filed for approval on 22 December and the request was presented to the Commercial Court in Murcia according to judicial sources. Polaris World is now under a provision of the bankruptcy law that allows commercial companies the opportunity to amicably resolve their debt situations without resorting to judicial process. The Act states that if the negotiations do no complete within 3 months, the group must request to be declared bankrupt within the next month. In this case, the judge would have to appoint a trustee in bankruptcy to creditors, within 15 days, and report the debts that the company has with them.
Last June, Polaris World was negotiating its debt with its major creditors, Bancaja, CAM, Banco Popular, Banco de Valencia and Cajamurcia. It is thought that this amounts to a total 900 million euros, which was used to finance the construction of several of its resorts in the Murcia region.
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