The embattled Estatia Group felt that the main lender Danske Bank this summer was tired of attempts to Norefjell property back on track, and took the hotel and two ski out and a debt of around 900 million writes FinansAvisen.
With a corporate bank overdrafts at 1.36 billion, it is still a solid dose liabilities again, and most important assets are Havsdalsgrenda who owns 93 rental apartments in Geilo. Here are a debt of 260 million, while revenue in the company last year was 13 million, and the operation was zero. Equity was minus 3.5 million.
Until this summer was also the company engaged in tourism projects in Tjøme in Vestfold, but they sold themselves according FinansAvisen out in the summer.
Danske Bank looking
According to Danske Bank is the now out of Estatia system, and in an email to the Finance newspaper printer CEO of Estatia Holding Magnus Nordholm, that it is not particularly debt again in the group. Beyond that, he has no opportunity to comment on the statement.
– We did not take over the shares in Estatia Holding, but in four of the companies further down the selsskapsstrukturen. It is the hotel’s property Estatia Norefjell, property management companies Quality Spa & amp; Resort Norefjell and the two alpine plants ski center and Valdres Alpine Center, said information officer at Danske Bank, Stian Arnesen, Finance newspaper.
– You have brought you four companies together had around 900 million interest-bearing liabilities to credit institutions. What do you do with the rest of the debt in the group
– We refinancing any debt to the holding company, and from what I know not to other subsidiaries.
– Estatia Norefjell has around 450 million in debt for the conversion of 530 million. Why did not you more equity?
– We have brought with us the four companies out, there is a positive equity position of 48 million companies, and we believe they are able to To improve performance in 2015 due to improved operations, higher revenues and lower financing costs.
Not paid enough interest
– Estatia Group has had a ” pay as you earn “agreements, meaning that it has not been paid principal and interest costs not covered fully. Will it be everlasting grace period also for the new constellation?
– No. We expect that with the investment of 25 million is currently being done in the new convention hall will help to increase occupancy in the hotel and thus earnings. This means that we expect a positive development in Estatia Spa in the years ahead.
– If any of the shareholders of the holding company personally guaranteed the loan company have made
– We can not comment on specific customer information of this kind.
This issue was first published in Sunday’s edition of financial newspaper
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