Helios Faros comes out of bankruptcy: Valamar and PBZ Croatia osiguranje are investing HRK 650 million in reconstruction
Helios Faros dd has been the holder of the Starigrad tourist offer for several decades, and has been in bankruptcy since February 2016. It has the capacity of category 2 * -3 *, which includes 1,465 beds in the tourist facilities of the hotel Arkada 2 * and Lavender 3 *, apartments 2 * and camp Jurjevac. Helios Faros came out of bankruptcy, the Zagreb Stock Exchange, and the conclusion of the bankruptcy Valamar Riviera acquires full membership rights as a holder of 2.280.000 shares over the company HELIOS FAROS from Hvar. Through the partnership of PBZ CO and Valamar, which will manage the hotel and tourist facilities and facilities of HELIOSFAROS, a new phase of tourism development will begin in the Old Town on the island of Hvar. As previously announced, PBZ Croatia osiguranje dd and Valamar Riviera dd have proposed a five-year investment plan in tourist property in the amount of HRK 650 million. Through the complete renovation and construction of two high-category resorts with a capacity of about 700 accommodation units, the portfolio of Helios Farosa dd will be repositioned according to the premium offer, which will give the destination Stari Grad its attractiveness and recognizability. According to this plan, Helios Faros would employ about 500 staff after the renovation of the Arkada and Lavender hotels Following the subscription of the share capital increase, Valamar now owns 23,61% of Helios Faros shares, and PBZ Croatia osiguranje 70,83%, while the share capital of Helios Faros has increased from today’s HRK 5,36 million to HRK 96,56 million. All bankruptcy creditors have been settled in the procedure, so the preconditions for concluding bankruptcy proceedings against HELIOS FAROS have been met, reads the decision of the Commercial Court in Split.