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Originally Posted by ady1231
So are they officially bankrupt now? Golf Natal will not take place?
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They were/are promoters for GNG not developers per se. Whether it will still go through or not depends on the owners of the land and the holders of the licenses which is an unrelated Brazilian entity.
The company (Grupo Sanchez Spain) has filed for administration meaning the assets of the company will be managed by an independent third party who will do what they deem necessary to turn the situation around and try to get out of the financial problems they are in. This third party will be a court representative (judge normally).
It's not a good sign for the Spanish company but the people who will probably be more concerned about this is the staff that work for Sanchez, not necessarily the investors who have made reservations on the development.
For the investors I agree with Wolfgang. Their main concern is "opportunity lost" - how much money they could have made by investing the reservation deposit into another investment vehicle and how much they "failed to earn" on that capital.