Polaris World on the Brink

Polaris World build large urbanizations around a golf course and have 4 or 5 ‘Worlds’ within an hours travel of the Villa. We initially looked into buying a property with hem, but, all the locations were well away from towns or villages so you had to live in their ‘world’. Their restaurants, shops, TV, rules etc. Not for us.

Polaris World is now facing debts of up to 100-million euros and that at least 15 businesses within the Polaris World Group of companies were in a state of insolvency, however, a ‘last chance ‘deal on the debt is now on the table. Polaris World, Spain’s second largest residential property builder, is believed to be close to reaching agreements with a number of creditors, which will allow it to avoid having to suspend payments.

During discussions the company has managed to pay Murcia town hall, 9 million euros. Bank guarantees for the Condado de Alhama golf resort and its accompanying 3,000 properties were used as collateral for the payment.