Bankruptcy plan accepted! Valamar and PBZ Croatia osiguranje are entering Stari Hvar

Bankruptcy plan accepted! Valamar and PBZ Croatia osiguranje are entering Stari Hvar

first_imgThe Assembly of Bankruptcy Creditors of the bankrupt company Helios Faros dd has made a decision on drafting a bankruptcy plan following the investment and recapitalization offer submitted jointly by Valamar Riviera and PBZ Croatia osiguranje for the management of mandatory pension funds on 15 May 2017.The bankruptcy plan should enable the exit of Helios Faros from bankruptcy and the continuation of the business of the company that has been the holder of the Starigrad tourist offer for decades, and has been in bankruptcy since 2016. As previously announced, PBZ Croatia osiguranje and Valamar Riviera have proposed a restructuring plan and a six-year investment plan for tourist property, in the total amount of HRK 650 million. Through the complete renovation and construction of two high-category resorts with a capacity of about 700 accommodation units, the portfolio of Helios Faros would be repositioned according to the premium offer, which would give the destination Stari Grad more attractive and recognizable. According to this plan, Helios Faros would employ about 500 staff after the renovation of the Arkada and Lavender hotels.Helios Faros dd currently has capacities of category 2 * -3 *, which include 1.465 beds in tourist facilities of hotel Arkada 2 * and Lavanda 3 *, apartments 2 * and camp Jurjevac, although almost 20% of capacity in solid facilities has been out of commercial for some time. functions. With more than HRK 3 billion invested in Croatian tourism, Valamar Riviera is one of the largest investors in the tourism sector. In line with the strategic goal of further growth through expansion and partnerships, Valamar Riviera has increased its portfolio by 25% in the last two years through successful acquisitions of the travel companies Hoteli Baška and Imperial Rab.last_img


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