It is called "Simply Networking"
This link will take you to the whats on section of the site Simply Networking
Have a look and see what you think. If anyone knows of anything similar please share it.
Friday, January 22, 2010
Source of information in Murcia
I have found a website locally that updates a "Whats on" section every week. It appears like a useful source of info for all of us whilst out there.
It is called "Simply Networking"
This link will take you to the whats on section of the site Simply Networking
Have a look and see what you think. If anyone knows of anything similar please share it.
It is called "Simply Networking"
This link will take you to the whats on section of the site Simply Networking
Have a look and see what you think. If anyone knows of anything similar please share it.
Wednesday, January 20, 2010
Can anyone recommend a solicitor ?
In case someone missed the comment by LJCullen on a recent post, I wonder can anyone recommend a solicitor who has completed a purchase and that they were completely satisfied with.
My own purchase on La Torre went reasonably well but when it came to arranging completion, a few problems arose that meant we had to spend a couple of days in the Inter Continental at La Torre rather than in our own house.
Whilst it was enjoyable, it came at a time when really the money would have been better spent on the dozens of things that needed to be purchased and of course we were excited to be moving in and frustrated with the delay. I felt that with a bit more attention from my abogado it could easily have been avoided.
Any suggestions gratefully received.
I was happy that LJC was happy with Sharon Wyndham as I was, having followed my recommendation of for mortgage advice. At a time when stresses can be great, especially around completion time, it is great to have someone who you can rely upon 100%.
For anyone needing mortgage advice, Sharon's details are as follows:
My own purchase on La Torre went reasonably well but when it came to arranging completion, a few problems arose that meant we had to spend a couple of days in the Inter Continental at La Torre rather than in our own house.
Whilst it was enjoyable, it came at a time when really the money would have been better spent on the dozens of things that needed to be purchased and of course we were excited to be moving in and frustrated with the delay. I felt that with a bit more attention from my abogado it could easily have been avoided.
Any suggestions gratefully received.
I was happy that LJC was happy with Sharon Wyndham as I was, having followed my recommendation of for mortgage advice. At a time when stresses can be great, especially around completion time, it is great to have someone who you can rely upon 100%.
For anyone needing mortgage advice, Sharon's details are as follows:
Sharon Wyndham
The Mortgage Service Group
Avenida De La Constitucion, 3
Edificio ABC
Bajo 29120
Alhaurin El Grande
Malaga
Tel: 0034 951 315 414
New Photos - Thanks Laurel
Laurel has just returned from Terrazas and is the latest to contribute photos to this site. I am always grateful to those who allow me to post their pictures here so that we can keep up to date so thanks again Laurel and I hope you might do so again in the future.
Lets start with what Laurel had to say about her visit:
It appears that there is another round of completions approaching. Laurel is completing soon and as is another of this blogs regulars, LJCullen. Good luck to you both, hope you enjoy your apartments and that the current concerns around Polaris are soon resolved and Terrazas continues to develop.
I have scoured the web today looking for any snippets about PW but with no luck. I also emailed a guy in my bank in Cartagena who tells me that as far as he knows the discussions with PW are still ongoing and that he has no information as to what progress has been acheived.
Lets start with what Laurel had to say about her visit:
Hi Dave
Here are the first lot, all taken from Phase 1 side, maintenance was looking good, took all our time to stop our children diving in the pool it looked so inviting, but water v cold. But Sunny 17 c rather than -4 with snow and ice has to be good.
Just looking round blocks 1 - 8 there were loads with wires at the front so yet to complete??? On some blocks maybe only 2 out of 16 apartments had external lights fitted. Higher no. blocks seem to have more so maybe these were a later release??
There were quite a few vans & cars around the Phase 2 penthouses which are almost ready, we were told they were being cleaned. As for the rest of Phase 2, our contact said they were definitely going to be built next, 3/4 have been sold and then once they've been released, Islas would follow afterwards.
The town centre / hacienda will be worked on when Condado TC has been completed (and the banks have given Polaris the 100M perhaps) but you'll see from pics it is the cleanest building site ever, not a brick, cable tie...nothing. The green screening was over in some parts, not sure how long its been like that for but the site was spookily quiet. I think we saw maybe 4 people in the distance each time we were there and 2 of them were security.
The golf course first 9 holes opening April / may but when we took a walk / commando roll to avoid detection from the hoards of workmen & security (well, 1 empty car) and the back 9 look like they are well behind but aparantly the lake has been finsihed (we didn't see it, kids bawling and ready to leave). The north side of the site is quite desolate but has lovely car parking, trees, street signs for non existant roads & lighting too so there seems an awful lot of infrastructure & investment to leave Terazzas as just Phase 1 and 5 blocks of Penthouses. We've got to hope that as we're due to complete on Phase 1 shortly. Wish us luck.
Laurel
You will see from the pictures what Laurel is saying about the "cleanest building site" - indeed whilst doubtless in any normal year PW staff would doubtless not return to work until the 2nd week of January, the place does look as if it has been "mothballed".
It all looks very neat & tidy and not like............well, a building site. You can see the completed blocks on phase 2/12 in the background of a couple of pics and the cranes have gone and apparently they are being cleaned which suggests that complete may not be too far away for these.
I assume things are in abeyance - "building-wise" - until the outcome of the talks with the banks is known. It is interesting that PW staff are now saying that The TC will not be built until the Condado TC has been completed.
I am simply speculating here but from what I can read into the negotiations with the Banks, Condado is being given into the bank's ownership and it is probably safe to assume that there may be a stipulation that Condado will get priority for completion which would be something of a blow in creating yet more delays with Terrazas. As I say this is pure speculation but it appears to make some sense - hope I am wrong.
Laurel's photos of the golf course show a markedly different looking course to the recent photos posted here of the holes near Phase 1 & 2-12.
It all looks a bit scruffy and requiring a bit of work. Nevertheless the news of 9 holes to open in April will no doubt be very welcome to those hoping to head out later in the year.
Doubtless these holes will come on very well with some heat and water but it remains to be seen when (if) the workforce return. Lets hope that someone visiting in the next month or so might tell us that the place is a hive of activity.
The b3
#65g
pic above is taken from quite a way down the other side from P2 -12 and on the left you can see the Hacienda and pahse1 beyond. The picture below is, I think a little further down that side look across the golf course to the cranes on the other side further away from Phase1 and down from Phase 2-12.
These are good quality pictures and if you expand them you will see loads of detail, thanks again Laurel.
#65g
pic above is taken from quite a way down the other side from P2 -12 and on the left you can see the Hacienda and pahse1 beyond. The picture below is, I think a little further down that side look across the golf course to the cranes on the other side further away from Phase1 and down from Phase 2-12.
These are good quality pictures and if you expand them you will see loads of detail, thanks again Laurel.
It appears that there is another round of completions approaching. Laurel is completing soon and as is another of this blogs regulars, LJCullen. Good luck to you both, hope you enjoy your apartments and that the current concerns around Polaris are soon resolved and Terrazas continues to develop.
I have scoured the web today looking for any snippets about PW but with no luck. I also emailed a guy in my bank in Cartagena who tells me that as far as he knows the discussions with PW are still ongoing and that he has no information as to what progress has been acheived.
Friday, January 15, 2010
Polaris World Update on the Updates!
Hello All
I have been searching for new information on the net without much success over the past week, however there is a post on "Eye on Spain" on 13th January by "Ethers" who has been told by PW that not only the Town Centre is under construction but also Las Islas!
The Las Islas part should probably be taken with a large shoveful of salt.
More interestingly "Ethers" was told that a consortium of banks fronted by Credit Suisse has agreed to cleare all PW debt in exchange for taking ownership of Condado de Alhama.
This perhaps requires an enormous bag of salt (containing at least 10 shovelfuls) considering the source of the information but we can always hope.
If anyone is out there or going shortly it would be good to find out if there is still construction activity and any photos available.
I have been searching for new information on the net without much success over the past week, however there is a post on "Eye on Spain" on 13th January by "Ethers" who has been told by PW that not only the Town Centre is under construction but also Las Islas!
The Las Islas part should probably be taken with a large shoveful of salt.
More interestingly "Ethers" was told that a consortium of banks fronted by Credit Suisse has agreed to cleare all PW debt in exchange for taking ownership of Condado de Alhama.
This perhaps requires an enormous bag of salt (containing at least 10 shovelfuls) considering the source of the information but we can always hope.
If anyone is out there or going shortly it would be good to find out if there is still construction activity and any photos available.
Tuesday, January 5, 2010
Polaris World Update
I attach the most up to date info recieved so far which confirms that the courts have accepted the PW application for protection and some commentary:
Polaris looks for breathing space to avoid bankruptcy proceedings
The flagship of residential tourism has three months to renegotiate a debt of less than 100 million euros
The collapse of the real estate market and the failure to reduce its debts with banks and savings banks has set the Murcian developer Polaris World down the road to bankruptcy, a situation that the company will try to resolve over the course of the next three months. The pre-bankruptcy situation, formally accepted on 22nd December last through a communication to the High Court of Justice (TSJ), is a result of the residential tourism flagship company’s lack of liquidity. This step has caused concern among economical, social and political circles in the Region of Murcia because it may well bring down other suppliers and contractors if the worst case scenario becomes a reality.
Experts indicate that, under the protection of legal proceedings, Polaris has chosen a strategy to turn up the pressure on its creditors in search of an agreement and, above all, to avoid any of these creditors forcing bankruptcy.
Yielding assets
Besides the banks and savings banks, Polaris must also respond to other creditors. If an agreement is reached with the credit entities, the communication issued to the courts would be archived and no bankruptcy proceedings would take place. The company has chosen a formula to protect itself and earn some time
During the summer, the developer made attempts to reduce its debt to zero and face the crisis from a better financial standpoint. Talks took place with this group of banks regarding the option to yield a part of the company’s assets, which included the land assets owned by the company and a portion of its real estate properties. The group would retain ownership of the resorts, golf courses, hotels and restaurants. Polaris wanted to thus reduce its financial costs because of a drastic fall in revenue.
The company claims to own vast assets
It claims that many companies in the Region of Murcia are in the same situation with the courts due to the current crisis
Alhama sees a 300 million fall in revenue
The Condado de Alhama resort is the largest in volume. Work was stopped at the end of 2005 by a vote against it from a councillor in the PP party and the socialist group. It resumed two years later but lost the market momentum. It is the largest complex in Europe, with 12,500 properties.
Courts accept to proceed with the insolvency situation of Polaris
The group now has three months to renegotiate a debt of close to 100 million euros with the banks and savings banks in order to regain liquidity.
The judge for Mercantile Court Nº 2 in Murcia today issued an edict in which he agrees to accept as received a communication from Polaris World regarding “its current state of insolvency”. The court therefore states its awareness of the “start of negotiations to obtain acceptance of an expected agreement proposal” from the companies El Valle Golf Resort S.L., Polaris World Sports Centre S.L., Polaris Desarrollo S.L., Hacienda Riquelme S.L., Polaris World Development S.L., Polaris World Alquiler De Maquinaria Industrial S.L., Polaris World Hormigones S.L, Polaris World Real Estate S.L., Hacienda Verde S.L., Nicklaus Golf Trail S.L., Mar Menor Golf Hotel S.L., La Torre Polaris Hotel S.L., Centro Comercial El Oasis de Alhama S.L., Oasis Polaris Ciudad S.L. and Alhama Golf Resort S.L.; the companies that comprise the group.
The edict goes on to say, “following expiry of a three-month period to be counted from 22 December 2009”, the date of said communication to the court, “the debtor shall be required to file for bankruptcy during the following month, whether or not the necessary acceptance has been obtained to proceed with the expected agreement proposal”. However, any agreements that are reached would return solvency to the group and, therefore, would remove the need to continue with bankruptcy proceedings. In short, the group has three months from now to renegotiate a debt of close to 100 million euros with banks and savings banks in order to regain liquidity.
The edict concludes, “any bankruptcy requests filed by the creditors following the date of said communication will only be accepted once the one-month period provided for in said Section 5.3 of the Bankruptcy Act has passed if the debtor has not already filed a bankruptcy application. If the debtor files for bankruptcy within said period, this will be processed first, in accordance with Section 14. Once bankruptcy is declared, those requests filed previously and those that are filed subsequently shall be added to the edicts and the applicants shall be accepted as party to the case.
The group now has three months to renegotiate a debt of close to 100 million euros with the banks and savings banks in order to regain liquidity.
The judge for Mercantile Court Nº 2 in Murcia today issued an edict in which he agrees to accept as received a communication from Polaris World regarding “its current state of insolvency”. The court therefore states its awareness of the “start of negotiations to obtain acceptance of an expected agreement proposal” from the companies El Valle Golf Resort S.L., Polaris World Sports Centre S.L., Polaris Desarrollo S.L., Hacienda Riquelme S.L., Polaris World Development S.L., Polaris World Alquiler De Maquinaria Industrial S.L., Polaris World Hormigones S.L, Polaris World Real Estate S.L., Hacienda Verde S.L., Nicklaus Golf Trail S.L., Mar Menor Golf Hotel S.L., La Torre Polaris Hotel S.L., Centro Comercial El Oasis de Alhama S.L., Oasis Polaris Ciudad S.L. and Alhama Golf Resort S.L.; the companies that comprise the group.
The edict goes on to say, “following expiry of a three-month period to be counted from 22 December 2009”, the date of said communication to the court, “the debtor shall be required to file for bankruptcy during the following month, whether or not the necessary acceptance has been obtained to proceed with the expected agreement proposal”. However, any agreements that are reached would return solvency to the group and, therefore, would remove the need to continue with bankruptcy proceedings. In short, the group has three months from now to renegotiate a debt of close to 100 million euros with banks and savings banks in order to regain liquidity.
The edict concludes, “any bankruptcy requests filed by the creditors following the date of said communication will only be accepted once the one-month period provided for in said Section 5.3 of the Bankruptcy Act has passed if the debtor has not already filed a bankruptcy application. If the debtor files for bankruptcy within said period, this will be processed first, in accordance with Section 14. Once bankruptcy is declared, those requests filed previously and those that are filed subsequently shall be added to the edicts and the applicants shall be accepted as party to the case.
The flagship of residential tourism has three months to renegotiate a debt of less than 100 million euros
The collapse of the real estate market and the failure to reduce its debts with banks and savings banks has set the Murcian developer Polaris World down the road to bankruptcy, a situation that the company will try to resolve over the course of the next three months. The pre-bankruptcy situation, formally accepted on 22nd December last through a communication to the High Court of Justice (TSJ), is a result of the residential tourism flagship company’s lack of liquidity. This step has caused concern among economical, social and political circles in the Region of Murcia because it may well bring down other suppliers and contractors if the worst case scenario becomes a reality.
Experts indicate that, under the protection of legal proceedings, Polaris has chosen a strategy to turn up the pressure on its creditors in search of an agreement and, above all, to avoid any of these creditors forcing bankruptcy.
Yielding assets
Besides the banks and savings banks, Polaris must also respond to other creditors. If an agreement is reached with the credit entities, the communication issued to the courts would be archived and no bankruptcy proceedings would take place. The company has chosen a formula to protect itself and earn some time
During the summer, the developer made attempts to reduce its debt to zero and face the crisis from a better financial standpoint. Talks took place with this group of banks regarding the option to yield a part of the company’s assets, which included the land assets owned by the company and a portion of its real estate properties. The group would retain ownership of the resorts, golf courses, hotels and restaurants. Polaris wanted to thus reduce its financial costs because of a drastic fall in revenue.
It claims that many companies in the Region of Murcia are in the same situation with the courts due to the current crisis
The Condado de Alhama resort is the largest in volume. Work was stopped at the end of 2005 by a vote against it from a councillor in the PP party and the socialist group. It resumed two years later but lost the market momentum. It is the largest complex in Europe, with 12,500 properties.
Sunday, January 3, 2010
News Update
There appears to be a determination in the region that Polaris World must survive for the benefit of everyone within the region.
Needless to say they are a major employer in Murcia and it would appear that their diversification into running aspects of the resorts rather than simply being a construction company may be their salvation.
PW have now paid €9,000,000 to the Town Hall at Alhama which was owed in respect of permissions for the 3000 dwellings on Phase 1 at Condado. They have also issued a statement that they hope to resolve the liquidity problems within a few days.
It also appears that the Banks recognise that they are locked into the success of Polaris World and cannot afford to see PW fail in their own best interests.
Things are appearing hopeful that yet again PW will survive.
Needless to say they are a major employer in Murcia and it would appear that their diversification into running aspects of the resorts rather than simply being a construction company may be their salvation.
PW have now paid €9,000,000 to the Town Hall at Alhama which was owed in respect of permissions for the 3000 dwellings on Phase 1 at Condado. They have also issued a statement that they hope to resolve the liquidity problems within a few days.
It also appears that the Banks recognise that they are locked into the success of Polaris World and cannot afford to see PW fail in their own best interests.
Things are appearing hopeful that yet again PW will survive.
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