Words: Ashley Rigg
Published: 30th December 2009
Polaris World in talks with creditors
Spanish property developer Polaris World is in talks with lenders to avoid filing for protection from creditors according to a report from Business Week.
The company notified a court in Murcia yesterdday about talks with lenders. It has three months to reach an agreement or it will have to file for protection from creditors.
In May 2009 the company’s lenders, including Banco Popular SA and Spanish savings bank Caja Murcia, agreed to cancel 970 million euros ($1.4 billion) of debt in return for real estate assets, according to a company filing. Polaris World still has about 900 million euros of debt according to Spanish newspaper El Mundo.
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