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Golden Sun debts ‘may top £16m’

FAILED tour operator Golden Sun is believed to owe up to
£16 million to financial institutions and travel
companies.

The group has yet to submit final accounts for this year to the
Cyprus Stock Exchange, but reports in Cyprus claim the losses
amount to more than £15.7 million.

The eastern Mediterranean operator is believed to owe around
£3.5 million to Cyprus hoteliers. Hotel group Aqua Sol, which
shared at least one common director with Golden Sun Leisure, is
owed around £1.3 million from the company.

Meanwhile, the UK arm, Golden Sun Holidays, has appointed Ernst
and Young as its receivers.

The operator’s 200,000-passenger £9.8 million bond
was pulled by the Civil Aviation Authority last month after it was
unable to pay Excel Airways for seats in advance (Travel Weekly
October 1).

Assets from Golden Sun Holidays and sister company Airglobe
Holidays were seized as they were unable to pay debts of almost
£1.5 million to the Bank of Cyprus. The receivers are
contacting creditors.

A report of the company’s accounts will be issued and a
creditors’ meeting will take place within three months.

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