El Confidencial has reported that IRM (Investments in Mediterranean Resorts) filed voluntary bankruptcy creditors on October 9.
The suspension of payment is due to the refusal of Sareb (the bad bank) to refinance at IRM, a company created in 2009 which owns the assets of Polaris World awarded to the banks.
Sareb will get all assets of IRM, among them many lands or the Murcia Intercontinental Hotel, for resale.
Polaris World is basically empty of content as creditor banks were awarded in 2010 with the good assets (mostly finished homes close to golf courses) that they managed to sell them at discounts of up 60%.
See: http://haciendariquelmeblog.blogspot.com.es/2013/10/irm-presento-concurso-voluntario-de.html
The 'bad bank' force the contest for 630 million new owner of the houses of Polaris World
MRI Society was created in 2009 by Banco Popular, Banco de Valencia,
CAM and Bankia to manage the assets that these banks were awarded their
lot for the debts of Polaris
Thursday, October 10, 2013 | AFR
![[Img # 18612]](http://murciaeconomia.com/upload/img/periodico/img_18612.jpg "El Intercontinental Mar Menor, 'joya de la corona' de IRM")
El Intercontinental Mar Menor,
As reported today the Confidential, the Sareb has taken this decision
because it has priority in the collection For banks, so they will keep all the assets of the company, among which there are many soils, besides the Hotel Intercontinental.
According to information published on this website, IRM
was created in 2009 to manage the assets that were awarded four
financial (CAM, Bancaja, Banco de Valencia and Popular) in refinancing
Polaris World to avoid the bankruptcy of this conglomerate companies in Murcia, icon of the housing bubble. These were the less liquid assets, ie mostly rural land in Alhama de Murcia, where he tried to install the proposed Paramount Park.
With mergers in the financial sector, CAM was absorbed by Sabadell,
Banco de Valencia Bancaja for La Caixa and Caja Madrid merged and five
boxes to form Bankia. And in December last year, the debt of MRI with Bankia and Banco Valencia was transferred to the Sareb.
Following these movements, the IRM situation was as follows.
Its capital, comprising equity loans, is divided into 164 million
Sabadell, Bankia 144 million, 137 million Caixa (Banco de Valencia), 124
million and 12 Sareb Popular from Bankia (in theory, not business units
were transferred).
As for the debt, the bulk corresponds to the bad bank, 309 000 000 (167
from Banco de Valencia and Bankia 142), while Sabadell and Popular 185,
136.
MRI
was negotiating an agreement to provide a solution to the assets of the
company, but the duration of the process has led to its inability to
meet its payment obligations. Popular and Sabadell refinance favored
to have a chance to get their money in the future, but the competition
has forced Sareb volunteer. This figure assumes that the company has four months to reach an agreement with its creditors, otherwise, competition will definitely normal creditors, the old default.
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