Russian hotel operator Heliopark Group and its property management arm Heliopark Hotel Management have filed for bankruptcy in a Moscow court after failing to repay creditors.
Russian hotel operator Heliopark Group and its property management arm Heliopark Hotel Management have filed for bankruptcy in a Moscow court after failing to repay creditors.
The group owns 17 hotels and resorts in Moscow and across several Russian regions, as well as in Ukraine and Germany. The portfolio, totaling over 2,000 rooms, is valued at $200 mln (EUR 133 mln). The company has already handed over its Heliopark Emmaus Club Hotel in the Tver region to creditors to settle part of its debt, the paper reported. The other properties are likely to be handed over as well in the coming period.
The operator has gross debts currently valued at $80 mln. Major creditors of Heliopark include BTA Bank and Moskommertsbank.
Last year, Heliopark Group was planning to buy, build or renovate a further 18 hotels which were to be financed through the entrance of new funds into the company's capital. However, negotiation talks stalled as a result of the credit crisis and the company was forced to put off its expansion plans.
