Agents can safely book the La Manga Club for the next year despite it having gone into voluntary insolvency.
The Spanish resort’s owners MEDGroup entered the resort into a “Concurso Voluntario de Acreedores” (CVA) agreement along with its sister company Inmogolf SL. The resort has debts totalling €97 million although the value of its assets outweigh this.
The move, undertaken on November 19, means payments to all creditors are deferred with no financial charges payable until 2010. Once the agreement is up the resort’s owners can either then look at restructuring its debts or apply to extend the CVA.
Until then, director of marketing Macu Hernandez said the resort is open for business while the new year will see the launch of a marketing plan in the UK designed to generate additional publicity.
She added: “This measure is to protect the business and we will try and make sure we are doing business better than ever before we go back to the banks.”
Leisurefare managing director Jeremy Scott, who relies on La Manga Club for around 30% of his business mostly through its Barwell Leisure brand, is confident that the trade will not be affected by the move.
He added: “It remains business as usual and we’ve had that from all the people in MEDGroup.”
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