Mauritius | Real Estate

February 27, 2013

Port Chambly Selling Villas RES to Pay Debts

So that Clifton Properties Ltd (CPL), developer of the residential complex Port Chambly, Le Goulet, is put into liquidation, a solution will be offered on Wednesday February 27 by administrators PwC (PricewaterhouseCoopers).

The proposed arrangement with creditors and directors of Port Chambly provides, inter alia, the transfer of the hotel complex to a new company and the sale of 25 villas built under the Real Estate Scheme (RES) to partially repay creditors .

The proposal of the directors and Mushtaq Oosman André Bonieux PwC aims to find a solution that can allow CPL to continue its operations, including its hotel business.

Regarding villas RES revenues from their sale will be paid in part to creditors, according to a formula established by the directors. It provides that the refund will be up to 50% of the amount due. For example, those whose claims will receive up to Rs 40,000 to a maximum of Rs 20,000. While some large creditors will be paid pro rata according to the sales revenue of the villas.

Regarding the transfer of the hotel, the directors consider that the sum of Rs 225 million is "fair and reasonable". This comes in the wake of a year independent evaluation carried out by the hotel consultancy Dilmohamed Noor & Associates in the light of the financial difficulties of CPL. The bailout of the establishment, with 42 rooms provides its transfer to a new company.

MCB, which is already the largest creditor of CPL, in finance the acquisition. This funding will be used to reduce debt CPL vis-à-vis the bank. Creditors may not make any claim against the new company before and after the transfer to the hotel.

However, the proposal of the directors will be part of an arrangement, the Deed of Company Agreement. Once approved by creditors, directors and managers of Port Chambly, this arrangement will in no way be challenged by creditors.

Investment in the construction of the village of Port Chambly is estimated at about Rs 2 billion. Almost half of the village, Mediterranean style, was built on the water on stilts. Complex financial problems were caused by a combination of factors. Thus, the occupancy rate of the hotel have been below expectations. And the company was unable to sell the villas RES timely and expected prices.

To enable the company to meet its financial obligations, the shareholders have made several capital injections last year. Measures, however, insufficient. CPL operations have not been able to generate enough cash to repay its debts. Hence the decision of the Board of CPL to appoint two directors.

 

Text by lexpress.mu
 

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