As we had previously reported, PW was on the brink of filing for Insolvency if it failed to renegotiate 85 million euros of debt. It had already negotiated successfully to refinance over 900 million euros.
PW has successfully waived filing for receivership on reaching an agreement late last night with CAM, Bancaja, Bank Popular and Bank of Valencia to sell assets for the amount of 83 million euros. In exchange PW has transferred ownership of dwellings, golf courses, plots of land and hotels. It has taken PW the last 4 months to re-negotiate its debt commitments. Official confirmation will be today.
The group of companies affected by the possible insolvency were two hotels (Mar Menor Golf Hotel and La Torre Polaris Hotel), El Valle Golf Resort, Polaris World Sports Centre, Polaris Desarrollo, Hacienda Riquelme, Polaris World Development, Polaris World Alquiler de Maquinaria Industrial, Polaris World Hormigones, Polaris World Real Estate, Hacienda Verde, Nicklaus Golf Trail, Mar Menor Golf Hotel, La Torre Polaris Hotel, Centro Comercial El Oasis de Alhama, Oasis Polaris Ciudad, y Alhama Golf Resort.
Currently it has 700 employees which is a long shot from the 2,000 it used to employ in the boom years.
Source: La Verdad (http://www NULL.laverdad NULL.es/murcia/v/20100423/region/polaris-world-elude-precipicio-20100423 NULL.html)