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Marina d’Or Sells €108 Million in Debt to the Fund Farallon

The US fund has acquired 47.8 million euros and 59.8 million euros in bank debt from the company that specialises in vacation hotels through two separate companies.

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The large volume of debt and the low profitability of Marina d’Or have driven the company led by Jesús Ger to the verge bankruptcy. Therefore, the firm has decided to clean up its balance sheet and outsource the management of its hotels.

The company closed the financial year from September 2018 to August 2019 with an EBITDA of 221,000 euros compared to 3.1 million euros the previous year. By contrast, it amounted debt of more than 60.2 million euros, of which 47.2 million euros corresponded to bank loans, according to the latest accounts filed by the company Marina d’Or Hoteles with the Mercantile Registry and reviewed by Cinco Días.

Read the full article in Spanish.

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