Polaris World property developer based in the region, is in talks to reduce its debt by handing over some of its property assets to the banks

Murcia newspaper, La Verdad, reports today that the Polaris World property developer based in the region, is in talks to reduce its debt by handing over some of its property assets to the banks it is in debt to.The company is reported to have taken on loans totalling nearly 900 million € over recent years and is reported to now be offering both land and housing to the banks.The newspaper reports that if the talks are successful the company could clear its debt to leave it in a good position for the future. The main banks concerned are Bancaja, CAM, Banco Popular, Banco de Valencia and Cajamurcia.Given the collapse in the British market for homes in the region, Polaris World has recently concentrated its promotions on the Spanish market.

Polaris World linked in new corruption allegations

The Mayor faces charges of perversion of the course of justice and the mis-use of public funds.
Daniel García Madrid from the Partido Popular is reported to have exchanged building land with worthless plots in a deal with the Polaris World company
More details on the latest corruption allegations in Torre Pacheco, where the PP Mayor, Daniel Garcia Madrid, has been ordered to prison without bail by instruction judge in San Javier, Salvador Calero. He has replaced the earlier judge in the case, Aránzazu Moreno, who is on maternity leave.El País reports that the mayor made a plot of land for building available to the Mar Menor Golf Resort, from the Polaris World company, in exchange for other plots of land described as ‘useless’. The difference in worth of the two plots is estimated by the prosecutor to be as much as five or six million €, but Polaris World was only called on to reimburse the public coffers by 455,331 €.