Valamar Riviera released a statement yesterday in which they announced the conclusion of the bankruptcy proceedings of Helios Faros.

Valamar Riviera released a statement yesterday in which they announced the conclusion of the bankruptcy procedure of Helios Faros. As result Valamar acquires full membership rights as a holder of 2,280,000 shares (representing a stake of 23.61% shares) in the company Helios Faros. Meanwhile PBZ CO acquired a 70.83% share in the company.

As a reminder, PBZ CO and Valamar Riviera proposed in their offer a restructuring plan as well as a six-year investment plan worth HRK 650m 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, Valamar Riviera stated in the official filing. Helios’ portfolio currently consists of 2 hotels, 2 apartment complexes, a bungalow complex and a camp (all located in Stari Grad in Hvar).