ANY NEWS ABOUT POLARIS WORLD

HI, HAS ANYONE ANY NEWS ABOUT POLARIS WORLD , WHAT WILL HAPPEN IF IT GOES BANKRUPT,?

If anyone can translate then there is a big story in El Mundo today (the main Spanish newspaper).  If you google el mundo espana then do a search with the words Polaris World after you enter there website you will see it.  Hopefully someone will post the translation here soon.  Thanks.  Arlene

Here is the translation, nothing new, basically saying they have untill today!

Let face it, Polaris are no more!!! Shame

Polaris World has until today to reach agreement with creditors on debt of EUR 100 million amounting to fifteen subsidiaries of the group that last December became insolvent and thus circumvent the declaration of insolvency.

The negotiations affect about half of subsidiaries of the group of residential tourism, which employs about 700 workers. The main creditor banks of these companies are Bancaja, CAM, Banco Popular and Caja Murcia, according to Europa Press said sources familiar with the process.

In December 2009 the fifteen subsidiaries of Polaris World reported to the Commercial Court number 2 of Murcia insolvency preconcursal applied for the process that allows the new Bankruptcy Act.

New Bankruptcy Law
This is a period of four months to allow insolvent companies can negotiate with your creditors an agreement and payment deadlines, and deal well with the statement of the former bankruptcy.

Since the adoption of the new law, companies like Nozar and Ploder requested and addressed as preconcursal this stage, although both are currently in bankruptcy.

In the case of Polaris, insolvency affects four of the estates of the firm (the 'resorts and Alhama Golf Golf Valley, and estates and Vede Riquelme), two hotels (Mar Menor Golf and La Torre), the mall El Oasis de Alhama, and the group's development division, among other businesses.

In particular, the signatures of the insolvent group are El Valle Golf Resort, Polaris World Sports Centre, Polaris Development, Hacienda Riquelme, Polaris World Development, Polaris World Industrial Machinery Hire, Polaris World Concrete, Polaris World Real Estate, Hacienda Verde Nicklaus Golf Trail, Mar Menor Golf Hotel, La Torre Polaris Hotel, Centro Comercial El Oasis de Alhama, Polaris Oasis City and Alhama Golf Resort.

Although its all guesswork hasnt it been already reported that PW have handed over assets to the Banks and those assets are several of their companies. As they divide all the resorts into separate companies are the bits we are hearing about regarding the sports facilities, fixtures and fittings being removed only relevant to those companies they have passed over and therefore clearly dont own anymore. Whats not clear is what if anything they have held onto and that could still be parts of CdA as we dont have a completed Hotel so the golf course isnt as attractive to an outside buyer, the land for Condado 1 ( as Condado stands now) is less use to a new developer than the unchartered land of CdA 2 .

My experience of insolvency has been the outlets completely shut down rather than Banks take over as Landlords as was suggested on another post- so I'm unsure what will happen to the restaurant, bar and golf shop and supermarket if the Banks take over. But then these have been passed over as going concerns so maybe that's where its different.

The other forum is reporting the golf course hasnt had its signs, buggy's etc removed and a golf event is still planned for the weekend but the gym has had the equipment removed.

So I am not sure that the news availabe right now is saying PW are insolvent,  we have to wait but I wouldnt be surprised if PW survive in a reduced form but I hope if they do survive they can move CdA forward and be so much more efficient.

What was that digging at the entrance for reported last week- anyone know? Was it at the island of the ring road or by Jardines 1 and 2?

just been sent email from friend on la torre but as i have not posted 10 replies can not show it , but it says that the mar manor town centre is being stripped of anything and everything including potted plants and reception desk ,the resturant is having the catering equipment removed, 'men in suits' are evident in the hotel and the offices are being stripped  and an announcement is due re mar manor tommorow..................................can anyone confirm this ?        not looking good

Polaris World avoids the precipice

http://www.laverdad.es/murcia/v/20100423/region/polaris-world-elude-precipicio-20100423.html

The company closed last night the sale of assets amounting to more than 80 million euros which will provide the necessary liquidity to weather the crisis. The estate reached an agreement with banks and allowing you to avoid the crowds of creditors.
Beginnings.

Established in 2001 by Pedro Garcia Meroño and Facundo Armero. Armero sold its stake in 2006. Today Meroño Garcia is the largest shareholder and its president Jose Luis Hernandez.

'Resorts'.

The company has seven residential complexes: Mar Menor Golf Resort, La Torre Golf Resort, El Valle Golf Resort, Hacienda Riquelme, Condado de Alhama Golf Resort La Loma and Las Terrazas.
Billing. The real estate company, hard hit by the stoppage of the sector has not provided data since the beginning of the crisis, but in his best years came to exceed 800 million euros. Polaris World currently has about 700 workers, but reached over 2,000 five years ago.

Subsidiaries of the group. Polaris World group comprises thirty societies, of which fifteen are included in the declaration of insolvency: El Valle Golf Resort, Polaris World Sports Centre, Polaris Development, Hacienda Riquelme, Polaris World Development, Polaris World Industrial Machinery Hire , Concrete Polaris World, Polaris World Real Estate, Hacienda Verde, Nicklaus Golf Trail, Mar Menor Golf Hotel, La Torre Polaris Hotel, Centro Comercial El Oasis de Alhama, Polaris Oasis City and Alhama Golf Resort ..

The promoter and the entities signed late trading yesterday Documents
It is the second time in less than a year that the developer solves problems four months financieros.Después peering over the precipice of bankruptcy, Polaris World last night closed an agreement with four banks and the sale of assets which the company leader in residential tourism expected liquidity to weather the deep crisis facing the housing sector.
The entities involved are CAM, Bancaja, Banco Popular and Banco de Valencia and the operation is around 83 million euros. In return, Polaris has been in the hands of those entities part of the assets it owns in homes, golf courses, land and hotels.
With these funds, the developer hopes to continue with the development of their projects and regular activity (payments to suppliers and employees) until such time as the housing market recovery.
Late last night both sides were signing the sale documents, but was complete and sign the agreement, the official communication is expected to take place throughout the day, according to knowledgeable sources said the operation.
The four months of negotiations between Polaris and financial institutions have been an endurance test in which the company has tried, until the last second to save the largest number of assets to enable it to overcome the current housing slowdown and the best possible deal next economic recovery being faster in the UK and Germany, major overseas markets of Polaris.
A complex process
Because of the stagnant housing market and the consequent fall in revenues, the company headed by Jose Luis Hernandez has been forced to offer banks and liquidity for part of the assets it owns in homes, hotels and golf spread over its seven golf 'resort' located in Torre Pacheco, Murcia, Alhama.
The economic valuation of these assets by both parties has been the most complex negotiation and the cause has been dilated to the last minute.
In fact, last Wednesday, a day after the deadline to finalize the law granting the negotiators, representatives of Polaris and financial institutions did not rise from the table until eleven o'clock at night, according to sources close to the negotiation .
The hard road that ended in agreement last night began last December 22 when Polaris introduced a notice in the Commercial Court number two in Murcia declaring insolvency fifteen of his corporations, and requesting the opening of a preconcursal process. It is a formula prior to the insolvency law allows, and which was to shield the real estate to denounce any of the defaults and creditors could force the competition.
From the outset, and with the concern shown by the regional government and the opposition, the officers of the company expressed its willingness to maintain jobs. Polaris World currently has about 700 employees, a figure far removed from the roughly 2,000 that came to count on the flourishing years of boom housing.
Since the declaration of insolvency and the openness of the process preconcursal, the developer, based in Torre Pacheco, opened negotiations with financial institutions to try to get the slightly more than 80 million euros to their needs ascend treasury.
Four months of tug of war
The law gives them three months to reach an agreement, but Polaris requested in late March to extend for another month because of the difficulty to close the deal with all entities involved. Yesterday, finally, all parties, agreed to a common document.
Other companies before Polaris preconcursal also resorted to the process, but with varying success. Companies like Nozar and Ploder requested and addressed this same formula, but ended up filing bankruptcy.
In the case of Polaris, insolvency affecting four of the estates of the firm (including, El Valle, Hacienda Riquelme Alhama), two hotels (Mar Menor Golf and La Torre), department store El Oasis de Alhama and the group's development division, among other businesses.
The group companies included in the declaration of insolvency El Valle Golf Resort, Polaris World Sports Centre, Polaris Development, Hacienda Riquelme, Polaris World Development, Polaris World Industrial Machinery Hire, Polaris World Concrete, Polaris World Real Estate, Hacienda Verde Nicklaus Golf Trail, Mar Menor Golf Hotel, La Torre Polaris Hotel, Centro Comercial El Oasis de Alhama, Polaris Oasis City and Alhama Golf Resort.
It is the second time in less than a year that the property successfully resolved its financial problems. In the autumn of last year, Polaris and wiped the bulk of its debt to banks and commitments exceeding EUR 900 million in exchange for a significant portion of its assets, mainly land.
The result of this first agreement, CAM, Cajamurcia, Bancaja, CajaMadrid, Banco Popular and Banco de Valencia received 6 million square meters in Alhama, where the promoter thought to build the second phase of the Condado de Alhama.

Well, stand back and wait for the deluge of fors and against postings on the tunnel dug by PW.

My six pence worth is I will have to wait and see if this is Positive or negative, PW have allegedly cocked up so much stuff on CDA that I am aware of (and probably on other resorts) that if they are still running CDA, the golf course, Al Kazar, etc etc then I dont hold out much hope for satisfaction. If others now hold the reins then maybe things will be as they should be.

Good news I think as better the devil you know....

I am relieved that Polaris will retain some form of control, but for the forseable future I can't see further development of CDA until the housing market starts a proper upturn. It will be very interesting to see which bits of the Polaris estate have been sold off and perhaps the parts that are now having assets removed (Mar Menor) may be the ones that have been sold off. This makes sense as it is more or less fully developed now and a more attractive asset to a venture capitalist than CDA i at the present time.

That said, I am sure Polaris will want to hang onto its 'jewel in the crown' CDA as it has by far the greatest potential of all the resorts, which is why we all bought on there, and whilst there is the slightest glimmer of a major capital investment in the area (Paramount or similar), CDA is a good bet for investment.

My concern in all this in the short term was the potential loss of the few faclities we currently have, bar / restaurant /supermarket, if Polaris went bust. They should now be secure and any concerns over builders water supply and most importantly golf course maintenance, should all now removed.

If this clears the way forward, even if it is only to preserve what we already have, then that sounds good to me and better than the lottery of other owners coming in with very different plans. The strength now of the Community and the Presidents who seem to be doing a stirling job in re negotiating the budget and payments for some maintenance is the way forward and a good show at the upcoming AGM and meetngs with Polaris are vital in clarifying the detail in this financial deal.

Jon Faulkner

My interpretation is that CDA is no longer a Polaris resort??

Just read this article on Simply Networking - hopefully further information will be given during the course of the day, so will be keeping a watch on this website!  Very worrying time for all owners and potential owners and no doubt everyone will have differing views on whether this news is good or bad.  However, at least it looks as though we might keep some of the few facilities we presently have, which in the current climate must be good news.  My worry last night was that everything (including the golf course) would be shut down.  So for now my glass is half full again!

http://www.simplynetworking.es/news-2757-31-polaris_world_avoid_bankruptcy_but_at_what_cost.html

Debbie

On the community web 20/4/10 site there's a document saying the sports zone, 'Forum' (could this be Al Kasar or Oasis as that keeps cropping up) and gym are to be repossessed. Otherwise the rest sounds like its still PW who want to move on with resort development. Whether they can is another thing but it may mean building gaurentees, water supply etc are more secure. If this is the case then its still a PW resort- waiting to read any formal press release which hopefully makes all this cleaer.

What does this mean for the golf courses, as I see in the insolvency list the Nicholas golf trail is included.

Girl in golf shop says she does not work for polaris now but does not know who her new employers are.

Barry & Sue

Its OK folks

Polaris will write to all of us owners explaining everything................................................

After all thats what all good companies would do...........................................................

ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha

Thanks for info Barry - does this mean the course will stay open or is this too early to say yet.

See you next Friday. Will call you over the weekend.

Tim

Just had a call from Polaris World telling me that they have good news and that all the papers in Murcia are reporting that they have sorted out their financial problems. The lady who called the tried to sell me the Polaris Discount Card which I already have.

PaulS

I have read and re-read the statement, and although it suggests PW have 'sorted out' their financial problems, I see nothing that says they still have any involvement at CDA.  I read this the same way as ajw/Arlene based on this one statement.

Chris

Polaris World dont sell the card, its Clubhotel, I suspect the sales woman was just saying that to help her sell the card.

They must have struggled to sell those cards lately. Mine expired last month, will wait and see what happens before renewing.

Polaris reached agreement with the banks late yesterday. The outcome looks to be tremendous news for everyone involved. There's an overview on our website:

http://www.polarisworld.info/update.php

So does this mean by selling the course to an external company Nicklaus has removed his name?