- January 25, 2007 at 11:23 pm #52575
According to the publication…………
The reductions arrive at the real estate Aifos, urged by problems of liquidity and economic solution caused by the Malayan Operation.
- January 26, 2007 at 9:07 am #68581
can you explain this a bit more please, thanks.
- January 26, 2007 at 10:00 am #68582
- January 26, 2007 at 10:04 am #68583
Basically, the article says Aifos has liquidity problems, and can’t meet financial obligations like the 8.5m (article also says 9.5m) it owes Ocean View. To raise cash Aifos is flogging off land, and selling properties at discounts (it has ‘sale’ signs – as in January sales – up in its shop windows). Article also says Aifos has started negotiating with clients taking legal action against the company, to try and reach a settlement and avoid the courts. This is new behaviour for Aifos. But you know what; a leopard can’t change its spots.
As we all know, it’s a tough market right now, likely to get tougher. Be interesting to see how long companies already showing signs of financial distress can last.
- January 26, 2007 at 11:42 am #68585
Perhaps they could sell off the Byblos hotel then 🙄
- January 28, 2007 at 12:40 pm #68611
Or perhaps they could sell the Gvadalpen hotel in Marbella, or even a couple of their sailing boats or Yachts . I am only sorry for the poor people ( like myself) who are caught up in their greed. I hope it is resolved because if it goes into liquidation then the ordinary folk will be at the bottom of the list when it comes to paying out what is owed and to whom.
You must be logged in to reply to this topic.