La Manga goes bust.
Nov 22nd 2008 | 9:19 pm
#1
Thread Starter
Run Forrest, Run.....
Joined: Apr 2007
Posts: 86
From: Marbella
La Manga goes bust.
http://business.timesonline.co.uk/to...cle5213266.ece
THE global financial meltdown finally hit where it hurts last week, as two popular holiday resorts collapsed into insolvency.
The La Manga Club, a resort in southern Spain favoured by football clubs including Manchester United, as well as tennis stars such as Anna Kournikova, declared itself insolvent after its banks declined to refinance part of its €97m (£82m) debt. The resort, on the Costa Calida, includes a five-star hotel and three golf courses.
It hit the headlines in 2003 when Rio Ferdinand was alleged to have brawled with staff while there with the England team.
Med Group, a developer controlled by billionaire hedge fund manager George Soros and Perry Capital, another hedge fund, bought the club for £102m in 2004 from P&O.
THE global financial meltdown finally hit where it hurts last week, as two popular holiday resorts collapsed into insolvency.
The La Manga Club, a resort in southern Spain favoured by football clubs including Manchester United, as well as tennis stars such as Anna Kournikova, declared itself insolvent after its banks declined to refinance part of its €97m (£82m) debt. The resort, on the Costa Calida, includes a five-star hotel and three golf courses.
It hit the headlines in 2003 when Rio Ferdinand was alleged to have brawled with staff while there with the England team.
Med Group, a developer controlled by billionaire hedge fund manager George Soros and Perry Capital, another hedge fund, bought the club for £102m in 2004 from P&O.
Nov 24th 2008 | 1:25 am
#2
Concierge
Joined: May 2006
Posts: 29,831
From: ex ex-pat, in Taunton
Re: La Manga goes bust.
Hercusa developers with loads of unsold properties on the CB have gone into administration, so another one bites the dust, they have debts of €40,000,000
Nov 24th 2008 | 1:57 am
#3
Straw Man.
Joined: Aug 2006
Posts: 46,302
From: That, there, that's not my post count... nothing to see here, move along.
Re: La Manga goes bust.
Is this the happy thread?
