2010-04-23
Update Friday evening.
Astonishingly there have been no further press releases giving details of the deal, which is most unexpected. Given all the recent media coverage it would have been a good idea to allay the gossip and speculation which has been doing the rounds and confirm the details of the re-structuring deal. It's a most unexpected situation.
Interestingly, the regional sales manager for Polaris was emailing local agents with the excellent news about the company, sending links to the spanish press which said in headlines that Polaris had managed to escape bankruptcy. The links ran virtually the same text, summarising the history of the proceedings, and all had exactly the same information we have, which is virtually nothing, only that an agreement had been reached. Quite how it could be wonderful news when nobody knows what the news is, is not clear, but he did add a note geeing up the agents to keep pushing for sales.
It could perhaps be a case that the banks agreed to guarantee the funds to prevent bankruptcy proceedings and that negotiations are not yet concluded.
Or perhaps they have been concluded in an unexpected fashion and the news will be stealthily released once all the fuss has died down.
In the meantime, all we can do is wait.
Polaris World avoid bankruptcy, but at what cost?
Polaris World- Late night deal raises 80 million in cash to avoid bankruptcy
2010-04-23We've been told that Polaris World has managed to survive in some form without being forced to declare bankruptcy in a deal which was signed late last night.Two nights of fierce negotiations took place both on Wednesday and Thursday evenings, to try and come to an accord over the value of the assets in question, with pressure intense to conclude a deal by last night as the bankruptcy deadline expired.
Apparently the group have managed to raise the cash to stay liquid, have sold off assets to cover the debts of 80 million euros, and the official announcements will be made today about who has got what.
Reports last night from residents on the Mar Menor development told of furniture being removed from the sports facilities, the door to the main enetrance locked, and large quantities of fixtures and fittings being carted out of the resort, including the potted plants and reception desk. Whether this was Polaris removing items for sale, or those who are owed money recovering whatever they could is still unclear, but residents spoke of the rsort being"raped".
In total, 15 of the companies' businesses were lodged as insolvent, including the El Valle Resort, Polaris World sports Centre,Polaris development, , Polaris World Industruial machinery rentals, Polaris World concrete, Polaris World Real Estate, Hacienda Verde, Nicklaus Golf Trail, Mar Menor Golf Hotel, La Torre Polaris Hotel,Centro Commercial El Oasis de Alhama, Oasis Polaris Ciudad and Alhama Golf Resort.
During today press announcements are to be made as to which assets have been sold off and we'll keep you posted as the story comes in
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