Legal tip 247. Polaris asks for an extension
Tuesday, March 23, 2010 @ 5:24 PM
The developer Polaris World has requested a one month extension to the Mercantile Court number two in Murcia in order to finalize the negotiation of its debt, said yesterday a spokesman for the company just three months after the preconcursal communication.
The reason lies in the conversations that Polaris has with banks and creditors on the valuation of assets of the company for the coverage of its debt, which stands at about 83 million.
"Polaris World has many assets to backcover this debt", the spokesman said, via land, houses, hotels and golf courses. He added that the insolvency status will be avoided,which is the goal that has been marked by Polaris, but that there is "a logical back and forth in such negotiations" and therefore there are all reasons to use this term that the Bankruptcy law provides. Thus, "we must wait until 22 April with the conviction that the agreement with creditors will be signed", the spokesman stressed.
Let´s hope the best for the company for the benefit of all creditors involved.
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