SnOasis bosses confident of progress
SNOASIS developers were defiant in the wake of news that Irish investment firm First Equity is struggling to pay off debts totalling 10 million euros.The company owns a 70 per cent share in Onslow Suffolk Limited, which plans to build the £350million development at Great Blakenham.
SNOASIS developers were defiant in the wake of news that Irish investment firm First Equity is struggling to pay off debts totalling 10 million euros.
The company owns a 70 per cent share in Onslow Suffolk Limited, which plans to build the £350million development at Great Blakenham.
But, as a result of a cash flow shortage and collapsing construction market, the High Court in Ireland has appointed an interim examiner to oversee the running of the investment project management group.
Godfrey Spanner, managing director of Onslow Suffolk, told The Evening Star the appointment of an interim examiner, by Mr Justice Paul Gilligan on Tuesday , would not hinder the progress of SnOasis.
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He said: “As far as Onslow is concerned, we are ring fenced and our shareholders are neither of the companies mentioned. There is much recapitalisation going on at present so this is not unusual or worrying to us.”
First Equity Group currently has 20 projects under management - in Britain, the US, mainland Europe and Ireland - with a value of nearly £1 billion.
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The news that First Equity is facing difficulty raising finance and capital comes days after a major sponsorship deal was brokered between SnOasis and the governing body of the British ski and snowboarding teams.
The SnOasis scheme, which is due for completion in 2012, is set to become the first UK-based training home for the British Ski and Snowboard teams.
The examinership process provides 100 days of protection from creditors but First Equity's case is due to go before the court again on January 12.
According to First Equity, the examinership does not affect its existing projects which continue to be secured independently.