(Poreč, 20 July 2017)- The Assembly of bankruptcy creditors of Helios Faros d.d. u stečaju decided to prepare a Bankruptcy plan following the investment and recapitalization offer that was jointly submitted on 15 May 2017 by Valamar Riviera and PBZ Croatia pension fund.  In the next step, the Helios Faros bankruptcy trustee will prepare a detailed bankruptcy plan to be approved by the Assembly of bankruptcy creditors. The bankruptcy plan would enable Helios Faros to emerge from bankruptcy and continue its business operations. Prior to declaring bankruptcy in 2016, it had been the leading hospitality company in Stari Grad for decades.

As previously announced, PBZ Croatia osiguranje and Valamar Riviera proposed in their offer a restructuring plan as well as a six-year investment plan worth HRK 650 million for investments in hospitality assets. The total renovation and construction of two premium resorts containing around 700 accommodation units would reposition the Helios Faros portfolio as premium accommodation, thus turning Stari Grad into an attractive and well-known destination. According to this plan, Helios Faros would employ 500 people after the renovation of the two hotels, Arkada and Lavanda.

Helios Faros d.d. currently owns 2* and 3* properties with a total of 1,465 beds at the Arkada 2* and Lavanda 3* hotels, apartments 2* and Jurjevac campsite. However, nearly 20% of hotel capacities have not been in operation for some time.

PBZ Croatia osiguranje and Valamar Riviera see this project as a confirmation of synergies from the joint activity of a large institutional investor and a strategic tourism investor contributing with business expertise and results. PBZ Croatia osiguranje d.d. and Valamar Riviera d.d. intend to develop further the business operations of Helios Faros in partnership with the destination, Stari Grad, in order to bring prosperity to the whole island of Hvar.