Tomorrow, a meeting of representatives from a group of domestic banks, which hold a significant portion of Sunčani Hvar’s total debt, is expected to take place. This debt reportedly amounts to around 580 million kuna, according to nacional.hr.
The hotel company Sunčani Hvar is at risk of losing a significant part of its properties due to unpaid debts to banks. According to unofficial sources close to the company’s top management, a meeting of representatives from a group of domestic banks, which hold a significant portion of Sunčani Hvar’s total debt, is expected to take place tomorrow. This debt reportedly amounts to around 580 million kuna. Since these are primarily mortgage loans, there is a possibility that the banks will activate their security instruments and take ownership of Sunčani Hvar’s hotels. Such a scenario would also mean a complete collapse of the company, raising the question of whether the banks will decide to take such a step. It is certain that due to the significant drop in property values caused by the economic crisis, Sunčani Hvar’s hotels are now worth less than they were at the time the loan agreements were made. (www.nacional.hr)
