davebangor's Polaris News

This slideshow links to my "davebangor" photos on the Picasa website - a collection / storage centre for photographs. the photos are a collection covering the development of Terrazas since my first visit in the early summer of 2008.



If you wish to check it out if you click on the bottom right of the slideshow it will give you a link to the Picasa site which contains all of my photos and those kindly sent to me by others, mainlyTerrazas photos, a few strays have sneaked in there.



Should you wish to download any of the photos you can. In all there are currently 595 pictures and this will increase as Terrazas develops. Obviously if you wish to save the link in your favourites, you can check back anytime.

THE HOLES THAT WON'T BE PLAYABLE IN 2010

If you have already read this, please see the additional piece at the end added 12/6/2010

This is a quick posting related to a thread on the Polaris World Forum in which it has been suggested that the full 18holes will be playable in Sept/Oct. 

My opinion is that there is more chance of the new UK government providing us all with tax cuts next week - just isn't going to happen.

Judge for yourself:

I would suggest that you open the photographs, which are of excellent quality, and maximise them to see exactly what I am talking about here. I would suggest they are at least 6-9 months away from being ready for paying customers.


This is a small sample of what "Burt" sent to me. Yes it is coming on well but some of these fairways and definitely some of the greens are not going to be playable in 3-4 months time.


More soon.

12/6/2010
I have had new information which suggests that despite these photos the course is progressing better than one might think from the pics. I am advised by  guy out there now, Nic, that the fairways are indeed progressing very well and that OCT 2010 may well be possible. If I am wrong then I & I'm sure everyoneelse will be delighted. 


i will update on the golf course when I am out there in 3 weeks time.

POLARIS WORLD - BACK IN COURT

The following link is to an article appearing in "SIMPLY NETWORKING" today:

polaris_world_back_in_court_today. 

The article is about a claim for return of deposits and contains legal opinion as to the relevance of whether or not guarantees are held amongst other matters.

I think it is worth a read.

Stress Buster?

In stressful times a laugh does no harm at all and as I was browsing some Spanish headlines, I came across these:

Murcia man confesses to killing his wife            Typically Spanish

Litter bug sees bank account embargoed         Typically Spanish

I was wondering what ungrateful Brit was bad mouthing our gracious hosts when all became clear, these are articles on the "Typically Spanish" website rather than a dismissive slander against Spanish men as murderous husbands or heaven forbid, snatchers of other people's money! Now no one could accuse them of that ......................ooops, forgot about Polaris World!!!

Oh well, suit yourselves, it gave me a giggle!


 

NEWS FROM TERRAZAS

I hope you are having a good May day bank holiday! 

I have just received an email from Gerry McGuigan who was at Terrazas last week. Gerry says:

The TC was being rendered while we were there, so now looks like a "Terrazas" building.

4 suits were wandering the course on Friday, so hopefully this was PW handing over to OlaGolf.

The course still looks magnificent, with 9 ready to play, but PW have started building phase II, that cuts across these 9 holes. So heavens knows when we will see any of the course open.

Phase II: I noticed 10 blocks being built; some just at the foundations, others at the second floor level. All the cranes on the site were being used while I was there.

Gerry sent these pics:

One of the reasons I started this site was to record how Terrazas developed and I like to compare similar pictures at different stages. Look at these:

This was one Gerry sent last August and below is one just received showing the same view across the course to the penthouses.

Quite a change in 8 months, the course is looking fantastic and with those grasses filling you it just looks so much more mature. 

With 10 blocks at various stages of construction plus the phase 2/12 penthouses due to complete over the coming few months, the Town Centre well  under way and with Polaris seemingly having resolved their financial issues it will be interesting to see this same view in another 8 months time.

Thanks Gerry.

POLARIS WORLD - BANKRUPTCY PROCEEDINGS DISSOLVED

The following news item is from simplynetworking 

Simplynetworking is not only an invaluable source of news which is updated daily, it also has excellent information about what is on in the Murcia area and what is available for visitors.

Polaris World. Judge officially ends bankruptcy proceedings

Polaris World news, Olagolf issue formal statement

Posted 7.37pm, Weds 28th
The Judge in commercial  court number 2 in Murcia, has today declared that the process of insolvency against 15 companies owned by the Polaris World developer has now been dissolved.
The Tribunal Superior de Justicia de Murcia made the announcement this afternoon, now that the legal processes have been completed to end the insolvency process.
The Judge confirmed that the company had presented a written request within the specified time limit stating that it had reached agreement with its ‘ creditors and arranged re-financing which would enable it to move forward with its' business activities.
The Polaris World website statement indicated that an agreement has been reached with the four main banks, Banco Popular, Banco de Valencia, Bancaja, CAMbank and a press release came out from Polaris as follows last week after the announcement of the  agreement:
Polaris World website

23 April 2010: After several months of negotiation Polaris World has today finalised a deal with its creditors (a consortium of four banks) for the clearance of its outstanding debt. The refinancing allows the company to move forward with prospective plans for further development at Terrazas de la Torre resort and Condado de Alhama. Polaris is one of the few major Spanish developers to have survived the credit crisis which started in 2007. With the increase in buyer confidence and property sales seen on the resorts in 2010, largely driven by a return of UK buyers, the news is a further positive sign for owners on the resorts.

These 2 statements would appear to indicate that the re-financing has been arranged with only these four parties, and no further releases have been issued which give details of any assets which have been sold  to clear off debts with other creditors.

Rumours have been abounding all week that the Hotel and Golf Properties had been sold to Olagolf, but a statement issued from the company today confirmed that they have taken over the management and maintenance of the three Golf Courses on behalf of the IRM Group.

IRM group , Iniciativa Resort Mediterraneo, ( Sociedad Inversiones en resorts Mediterraneos, S.L) comprises CAMbank, Cajamurcia, Cajamadrid, Banco popular and Banco de Valencia and already owns much of the land destined for the construction of Condado de Alhama 2, plus a healthy portfolio of other Polaris properties which were "purchased" by them in the re-financing deal which kept the company solvent last year and resulted in the transfer of nearly a billion euros worth of assets to IRM then.

It would now appear that the same group have "purchased" another 83 million euros worth of assets and that these courses have not in fact been sold to an outside buyer, but taken over by the IRM Group. It appears that the hotels and courses have been sold to the IRM group, but that the golf copurses are being managed by Olagolf on their behalf.

No official statement has been forthcoming from Polaris, but Olagolfs' release reads as follows

Olagolf statement

Olagolf assume the maintenance and management of golf in Murcia with an agreement made last week with the Investment Company Mediterranean Resorts, Inc. (IMR).

The golf courses to be managed by Olagolf, are the combination of Condado de Alhama, Mar Menor and Terrazas de la Torre, all located in the towns of Torre Pacheco and Alhama de Murcia. With this new agreement Olagolf is committed to providing services to develop, look after and maintain the courses  to the highest standard to create a considerable challenge and the best possible experience for players. The condition of the courses is the most important factor to ensure a good game, plus  respect for the philosophy of the  designer when creating the course. A design endorsed by the most successful golfer of all time, Nicklaus Golf Trail offers a variety of unique gameplay and the quality seal of Nicklaus Design in each of the holes.

This would appear to confirm that the management is on behalf of the IRM group, and not on behalf of any other party.

My conclusion is that no "outside" parties have come forward to buy out Polaris World assets as many people had hoped might happen as it might provide a level of competition to remaining PW facilities which might drive down the cost of PW services which in many cases are unrealistically high.

The fact that Olagolf are merely managing things on behalf of the Banks will undoubtedly mean those courses will be well maintained. I hope that they may still create a competitive environment in respect of green fees. Time will tell.

The best result from this prolonged negotiation is that the future of Terrazas looks a lot more secure as PW have survived in a form that allows Terrazas to develop. Hopefully it will quickly become a hive of activity and complete within a reasonable timeframe. 

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