Polaris World request a one month extension to finalize the deal with the banks.

Principal shareholder of Polaris World Pedro Garcia Meroño

Principal shareholder of Polaris World Pedro Garcia Meroño

Polaris World has requested a one month extension to continue negotiating debts with it’s creditors. The reason lies with the valuation of assets of the company. Polaris World has many assets that cover the debt, “the spokesman said with land, houses, hotels and golf courses. He remains confident that an agreement is close and will be made in the end. Thus, we must wait until 22 April with the conviction that the agreement will be signed with the creditors.

Polaris World showing a turn around as 12 properties were sold just this week.

On Condado De Alhama The first phase of it will finish but the second phase, the latest news provided by the local mayor, José Espadas, indicate that the Mediterranean Resort Initiative (MRI, comprising CAM Cajamurcia, Bancaja, Caja Madrid, Banco Popular and Banco de Valencia) wants to take the six million square meters of the project to develop an entertainment center under the brand of the multinational Paramount, whose representatives recently met in Dubai with Ramon Luis Valcarcel, president of Murcia.

Of course, more conflicting news but all the same very interesting.

http://www.cotizalia.com/en-exclusiva/polaris-acreedores-acuerdo-evitar-suspension-pagos-20100323.html


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Principal shareholder of Polaris World Pedro Garcia Meroño
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