Polaris have made an announcement, although as expected it doesn't say much.
Polaris World come to an agreement with banks and avoid bankruptcy
The agreement reached involves the sale of assets to financial institutions group that has come to his rescue
Polaris World has reached an agreement with financial institutions on debt of 100 million euros to support fifteen subsidiaries, which allows you to avoid the insolvency proceedings. The company has informed that it has reached agreement involves the sale of assets to the banks, thus strengthening its cash position "in a context of widespread economic crisis like the present."
With this transaction, Polaris World completes its financial restructuring process. The company stresses that this will allow you to "emerge stronger" and face "with guarantees of success" the next few years, both in its promotion and management of real estate, as in tourist services, sports, restaurants, and manufacturing and Sales of furniture.
Deadlines nearly exhausted
In a statement, the company has expressed its thanks to the confidence shown by the group of financial institutions with which he has been negotiating. Polaris World had until yesterday to get an agreement with the bank, as established by the Commercial Court of Murcia 2 December when the company admitted its insolvency and applied for the preconcursal process that allows the new Bankruptcy Act.
The law enables a period of four months to allow insolvent companies to negotiate an agreement with creditors on payment terms and conditions before resorting to the old default. Since the adoption of the new law, companies like Nozar and Ploder requested and addressed as preconcursal this stage, although both are currently under bankruptcy.
In the case of Polaris World, negotiations with banks have affected about half of the subsidiaries of the group of residential tourism, which, in total, employs about 700 workers. The main creditor banks of these companies are Bancaja, CAM, Banco Popular and Caja Murcia, according to Europa Press reported sources of the process.
The insolvency affects four companies holding 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 shopping center El Oasis de Alhama and development division of the group, 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.
Phil