Valamar Riviera has announced that it has paid 22.8 million kuna for the recapitalisation of the Helios Faros hotel company in Stari Grad on the island of Hvar. The recapitalisation process will also include PBZ Croatia Osiguranje pension fund, creating conditions for Helios Faros to leave the bankruptcy proceedings, reports Večernji List on May 8, 2019.
“In accordance with the decision to increase the share capital, as part of the approved bankruptcy investment and recapitalisation plan, Valamar Riviera has paid 22.8 million kuna to Helios Faros in order to register 2,280,000 shares. At the same time, PBZ Croatia Osiguranje will register 6,840,000 shares for 68.4 million kuna,” the statement reads.
This will increase Helios Faros’ share capital from 5.36 million kuna to 96.56 million kuna. Following the increase in the share capital, Valamar will own 23.61 per cent of Helios Faros’ shares and PBZ Croatia Osiguranje 70.83 per cent.
“The increase in the share capital will create the prerequisites for Helios Faros to leave the bankruptcy proceedings. Through the partnership between Valamar and PBZ CO, a new phase of tourism development in Stari Grad on Hvar will commence,” Valamar said.
Helios Faros is the most important hotel company in Stari Grad. It has been in the bankruptcy proceedings since 2016. In mid-May 2017, Valamar Riviera and PBZ Croatia Osiguranje submitted a joint bid for the investment and recapitalisation of the company.
In July 2017, the Helios Faros creditors’ assembly accepted the joint offer by Valamar Riviera and PBZ Croatia Osiguranje, and it also adopted a decision on the development of a detailed bankruptcy plan that would allow the company to leave the bankruptcy proceedings and continue its operations.
In early November 2018, the creditors’ assembly accepted the bankruptcy plan based on the joint offer by Valamar and PBZ Croatia Osiguranje. The Commercial Court in Split also issued a first-instance ruling confirming the bankruptcy plan for investing and recapitalising of Helios Faros.
Translated from Večernji List.
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