Cyprus Mail

Libra denies being in administration

By George Psyllides

Libra Holidays Group said yesterday it had no information from the Bank of Cyprus (BoC) that the lender intended to appoint an administrator, as reports suggested the company could not service its loans.

The company said it had no information whatsoever regarding such a decision and “we are justified to say that the said reports do not concern our group.”

In a note to the stock exchange in October last year, the company said it was “not possible to complete the restructuring and renewal of facilities that are provided by financial institutions.”

It said at the time that it had already started discussions and negotiations with BoC “in order to normalise our partnership,” so that the group continued its activities.

News reports said the group owed €119m and was among 30 borrowers with a total exposure of some €6bn.

“We think our cooperation with the Bank of Cyprus during the effort of restructuring the loans of our group’s companies was harmonious since we fully adopted the instructions of the relevant department and expected the conclusion of their procedures to finalise the plan,” the company said yesterday.

Trade of the company’s stock, as well as its subsidiaries, has been suspended over its failure to publish financial results for 2012 and 2013.

Libra has two subsidiaries, Cyprotels, which operates a number of hotels in Cyprus and Greece, and Astarti Development, also engaged in the hotel industry.

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