BUSINESS

Plan B for the utilization of Porto Carras

TAGS: Finance, Tourism

The management of construction company Technical Olympic, controlled by the Stengos family, has according to sources put into practice its alternative plan for the utilization of Porto Carras, its most important asset.

It is currently in advanced talks with a foreign investment group (believed to be the Fortress Group) for the full refinancing of its existing bank loans amounting to 32 million euros, with the consent of its creditor banks.

The plan is likely to include the issue of a corporate bond with the Porto Carras complex at Halkidiki, central Macedonia as collateral; that would not only secure the repayment of its loans, but also ensure funding for the investment in the facelift and expansion of the complex for which a construction permit to build 500 holiday homes has also been issued.

At the same time there is an ongoing tender for the sale of the resort, although all signs point to a likely failure to find an investor to pay the 400 million euros that the Stengos administration expects, according to the latest valuation of the property in late 2018.

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