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Views and update on Polaris World Debt Restructuring
23 April 2010
A deal was finally signed with the banks late yesterday and it is very positive news. Polaris has refinanced and sold certain assets on their resorts. The sale includes the courses at Mar Menor, Terrazas and Alhama. It also includes the hotel at Mar Menor and the social centre. Polaris have retained land on Terrazas and Condado de Alhama and new projects are in the pipeline. For anyone living and owning on the resorts they are unlikely to notice much difference although certain services like golf on three resorts will be run by an external company. Polaris World have come out of the negotiations in a very strong position, debt free and we look forward to some exciting developments ahead. With the huge increase in market confidence and in property sales on the resorts this year, a refinanced company and plans for the future this is very positive news for everyone involved with Polaris World.
9 March 2010
Polaris World have now reached a provisional agreement with the banks concerned. This article appeared in Spanish national newspaper La Verdad on Tuesday:
20 January 2010
Polaris World have this week started major construction work on the town centre at Hacienda Riquelme. They have also started work on the Terrazas de la Torre clubhouse. This may well suggest successful negotiations on the debt situation. We still await a formal announcement.
8 January 2010
We have been informed that Polaris World have "resolved" this situation with the banks. It includes the sale of certain assets within the group to clear the debt. In particular the hotel at Mar Menor and three golf courses. Polaris World continue to manage the resorts and golf. No doubt an official announcement will follow. Meanwhile life continues as normal on the resorts, golf and facilities are all open and no reason to expect anything different. As we have said below whoever owns these assets they still need to be run as a business. At the moment ownership lies somewhere between Polaris and the banks. No doubt the percentages and debt/equity spilt will differ over the years.
These comments represent the views of the management of Rapid Media Ltd (Villa Cashback) a company independent of the Polaris World group. Villa Cashback sells property on the Polaris World resorts. This is mainly private resale property. These resorts are owned by each community of owners and the service areas are run by the Polaris World group of companies.
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