Cork builder in talks with creditors

I wonder will they accept 70cents on the Euro if I stay in the Capella for the weekend?

Probably still overpriced at that!

I would have thought 70 cents a decent offer in this climate. Not that I know that much about it or anything, but it’s certainly a better offer than waiting for the situation to get more serious and receiving SFA from a builder

I don’t get it, if they own the Capella, which is ‘worth’ 80M, why are they discussing holding money back from their creditors? Sell the Capella, and use the money to pay the creditors in full…

You’re assuming that they haven’t…
The rumour mill down south has been suggesting that they have been looking to offload this for quiet a while now. A nominal charge of 1 euro apparently while taking on the debts of the development.

Ah - so the Capella is a site in development? The article seems to suggest that this development is finished and worth 80M:

The resort consists of the hotel, golf club, leisure/spa complex and a holiday homes.
It’s my understanding that this complete development is heavily in debt.
I’d imagine you might find a buyer for the hotel, spa and GC at a knock down price, but not the holiday homes. And no where near that pie in the sky 80m figure.

I’m not even sure there is a need for yet another “5 star hotel” in the area anyway.

Who has the other Capella? Its in/near Dunboy I think. Thought it strange there was two of them in Cork or are they different?

and the remaining 25% is forgiven? and the company continue to trade, and in 5 years time is back making profits, and they get away with it? they should issue 5 year bonds for the remaining 25%, or preference shares.

I only see a guarantee of 50% here.

Creditors vote 94% in favour of Supple rescue deal

In a statement, John F Supple Ltd said it was very grateful to its suppliers and creditors for the confidence they have shown in the company.

Would have pushed harder myself if a creditor than this crappy deal as the accounts for the capella hotel show there are full personal guarantees in place. Liquidation would equal bankruptcy.

oh I’ve no doubt some travellers will stay in its grounds over the next few months, probably not the travellers they were thinking of though!