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.