Marina D´Or´s Real Estate Company Suspends Payments

8/05/2014 – Expansion

The Mercantile Court of Castellon has approved insolvency application of Comercializadora Mediterránea de Viviendas of the owner of old Marina D’Or, Jesús Ger. 

Through the division Marina D´Or Hoteles the businessman managed five hotels in the Ciudad de Vacaciones (Holiday City) in Oropesa. Now he is weighting up investing in Marina D’Or Golf having courses of joint 20 million square meters in Oropesa and Cabanes.

Due to recession hit, the group was forced to plead financing (first in 2008). At the end of 2012, its liability burden reached €681 million, out of which €546 million was due to return to banks.

 

Original article: Expansión

Translation: AURA REE

108