POLARIS WORLD (LA VERDAD)

Polaris World avoids the precipice 04/23/1910 - 01:12 - J. Gizzard | MURCIA.
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 bankruptcy BASIC FACTS 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. Template. Polaris World currently has about 700 workers, but reached over 2,000 five years ago. Subsidiaries of the group. The Polaris World group comprises thirty companies, 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 yesterday the sale documents It is the second time in less than a year that the developer resolve their financial problems After four months peering over the precipice of bankruptcy, Polaris World last night closed an agreement with four banks and to sell assets with which the leader in residential tourism expects to obtain the necessary liquidity to weather the deep crisis in real estate. 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. Polaris World elude el precipicio