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Clear Leisure PLC announces liquidation of ORH SpA


Wednesday, 12 Feb 2014 02:00am EST 

Clear Leisure PLC:ORH SpA its 73.43 pct hotel and travel company, has been placed into voluntary liquidation by the company at the Milan Tribunal.Says this decision was made by the board of ORH, after the discovery by the company of a sizable, undisclosed debt position mainly on the African hotels under ORH’s previous management.Says this has created a situation where the continuation of business activities by ORH has been considered uneconomical.Says restructuring of this debt to be too expensive compared to the value of the assets under ORH’s control.Says it has to date, recovered 7.2 mln of the above mentioned shares, as announced on Dec. 3, 2013, with the remaining 7.2 mln shares being returned before Feb. 15. 

Company Quote

1.7
0.0 +0.00%
20 Jun 2014