News

Sunny Day co to unload several hotel assets

Local company Sunny Day may dump several hotels and other buildings in the Black Sea resort of the same name if the shareholders back the sale proposal at a general meeting slotted for December 12, 2007. 

Earlier this year, Sunny Day mortgaged all of its hotel assets as security for a 30 mln euro UniCredit Bulbank loan.

The shareholders will have to pick between two disposal options.

Under the first option, the board will negotiate the sale of the Marina, Mirage and Veronica hotels, the Mostika bar and Pochiven Dom III together with their adjoined administrative buildings. The combined built-up area of the properties exceeds 8,000 sq m.

The minimum asking price is 10 mln euro without taxes. According to the 2006 financial report, the book value of the properties is 8.3 mln levs.

Under the second disposal option, the properties listed above will be contributed to the assets of newly set up company Sunny Day Group before it is sold off.

In either case, the buyer will not be an entity connected to Sunny Day.(Dnevnik)