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La Manga Club declares itself insolvent
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By h.b. - Nov 24, 2008 - 8:30 PM
There are reports that the luxury resort cannot fund debts of 97 million Euro.
The famous La Manga Club in Murcia has filed for bankruptcy protection. Owned by George Soris’s company MedGroup, the company says that they will continue to trade, but will take ‘very strong measures’ to make the company viable.
They purchased the club from P&O for 102 million pounds in 2004. It includes three golf courses, 28 tennis courts, 8 football pitches, a spa, 1,800 private villas and apartments, and a 5 star Hyatt Regency hotel. It’s one of the most complete tourist complexes in Spain and one of the best in Europe, and currently employs 700 workers.
The Concurso Voluntario de Acreedores was placed in the mercantile court in Murcia, but the judge has yet to make any decision on the case.
The situation implies that the firm has problems meeting debts which are pending. Some reports say that its banks have declined to re-finance part of a 97 million € debt, despite its assets being valued at 170 million.
The La Manga Club is well known internationally as it has been used by many tennis stars, such as Anna Kourniokova and football teams such as Manchester United and Real Madrid for training.
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La Manga Club declares itself insolvent
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By h.b. - Nov 24, 2008 - 8:30 PM
La Manga Club - Photo website - www.lamangaclub.es
The famous La Manga Club in Murcia has filed for bankruptcy protection. Owned by George Soris’s company MedGroup, the company says that they will continue to trade, but will take ‘very strong measures’ to make the company viable.
They purchased the club from P&O for 102 million pounds in 2004. It includes three golf courses, 28 tennis courts, 8 football pitches, a spa, 1,800 private villas and apartments, and a 5 star Hyatt Regency hotel. It’s one of the most complete tourist complexes in Spain and one of the best in Europe, and currently employs 700 workers.
The Concurso Voluntario de Acreedores was placed in the mercantile court in Murcia, but the judge has yet to make any decision on the case.
The situation implies that the firm has problems meeting debts which are pending. Some reports say that its banks have declined to re-finance part of a 97 million € debt, despite its assets being valued at 170 million.
The La Manga Club is well known internationally as it has been used by many tennis stars, such as Anna Kourniokova and football teams such as Manchester United and Real Madrid for training.
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Please keep to the subject. Opinions published here are of our visitors, not the Typically Spanish team. Comments which go against Spanish laws or which are libellous are not allowed. We reserve the right to delete any comment we wish.
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Por favor, céntrate en el tema. Son las opiniones de los internautas, y no las de Typically Spanish. No está permitido verter comentarios contrarios a las leyes españolas o injuriantes. Reservado el derecho a eliminar los comentarios que consideremos fuera de tema.
