AAqqu­uaa SSooll uun­nd­deerr rreec­ceei­ivveerrssh­hi­ipp

Financial Mirror (Cyprus) - - FRONT PAGE -

Aqua Sol, the owner and op­er­a­tor of 15 ho­tels, in­clud­ing the Sun Hall on Lar­naca’s prom­e­nade, has been placed un­der re­ceiver­ship for fail­ing pay its debt to Bank of Cyprus, es­ti­mated at 32 mln euros out of a 99 mln euro credit fa­cil­ity.

“Aqua Sol Ho­tels Pub­lic Company Limited and var­i­ous as­so­ci­ated com­pa­nies have been placed un­der re­ceiver­ship in favour of Bank of Cyprus,” an an­nounce­ment by the ap­pointed re­ceived, Eleft­he­rios Philip­pou, read.

“It is my in­ten­tion to con­tinue to trade the ho­tels in or­der to max­imise the value of the business and as­sets for the ben­e­fit of the Com­pa­nies and their cred­i­tors,” Philip­pou’s state­ment said, adding that he shall be work­ing closely with the com­pa­nies’ sup­pli­ers, em­ploy­ees and tour op­er­a­tors in or­der to min­imise any dis­rup­tion.

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