Creditors of the failing company Helios Faros are in negotiations over a bankruptcy plan. The pension fund PBS Croatia Osiguranje and Valamar Riviera made an offer and will be strategic investors in Hvar Island. This plan could allow Helios Faros to exit bankruptcy proceedings and continue with its business in Stari Grad.
The two creditors offered a 6-year investment plan in tourist real estate. The total amount for this restructuring project will be 650 million Croatian kunas. Two up-market resorts, the Lavanda and Arkada hotels offering around 700 units, are to be renovated under the plans for the project. Valamar Riviera runs five hotels in Croatia in Dubrovnik, Porec, and on the islands Krk and Rab.
