Tróia Casino Hotel in special rescue plan
The casino hotel which is the anchor for a phantom resort in Portugal is to undergo a Special Revitalisation Plan.
With debts of €157 million, it means that the owners of the Casino Hotel de Tróia will be subject to a debt rescheduling plan with its creditors and reformulate the business model in a bid to make what has become white elephant sustainable.
The main creditor is Oxy Capital, an investment fund which, at the same time, holds the majority capital in the hotel and is in legal conflict with the minority shareholder Amorim Turismo.
The case was filed at a Lisbon court on Monday, 9 April and is regarding the hotel only and not the rest of the Tróia resort.
Amorim Turismo and Oxy Capital, the latter being the main creditor, own the hotel and are also in conflict over another hotel in the Algarve.
According to information on the website Citius, the 114 creditors of the Casino Hotel de Tróia hold a total of €157.9 million. The total amount owed to creditors stands at €79.65 million. The majority is owed to banks (€41 million to BCP, €12.7 million to BPI and €12.4 million to Santander Totta).
Another key creditor, the capital fund Aquarius, is not on the list seeking redress through the courts. It invested €86.59 million or 55% of the total debt. This fund, in turn, is controlled by Oxy Capital the main shareholder in the Casino Hotel de Tróia.
According to the online news site ECO, the company decided to resort to a PER to “balance out some accounts”, but that the “financial health” of the project is not at risk and that there will be no interference in the casino hotel’s activity.
