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Polaris World applies for extra time to negotiate its debts
The Polaris World property developer is reported to have applied to the courts for an additional three months to continue negotiating its debts with its creditors. The application was made on Monday last week, and should the court agree to the request, it would mean that none of the company’s creditors could apply for court intervention during that period. It’s understood from La Opinión de Murcia that the decision has fallen to Mercantile Court No. 2 in Murcia.
Once the three months are up, however, Polaris World would be obliged to declare a suspension of payments if by that time they have failed to reach an amicable settlement with their creditors.
The company announced in June that it was in talks to reduce its debt to the banks by handing over some of its assets in exchange.
The newspaper said that would mean in practice that the banks would then own a percentage of Polaris World’s six residential complexes in the Murcia Region, while the company would retain the marketing of its apartments and the management of its hotel complexes.
(property story)
Once the three months are up, however, Polaris World would be obliged to declare a suspension of payments if by that time they have failed to reach an amicable settlement with their creditors.
The company announced in June that it was in talks to reduce its debt to the banks by handing over some of its assets in exchange.
The newspaper said that would mean in practice that the banks would then own a percentage of Polaris World’s six residential complexes in the Murcia Region, while the company would retain the marketing of its apartments and the management of its hotel complexes.
(property story)
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