fadesa/Addoha

[The Soup Dragon]

Thanks for the response Simon.

Investy. I’ve walked much of the golf course site and driven by it a few times. It’s flat. Don’t get me wrong, there will be slight inclines here and there, but that’s it.

[exfcsm]

If anyone is going out to Saidia in the near future, please let me know - my apartment is available.

Shani

[Mr Ri]

Recent reports (eye on worldwide) seem to suggest that Addoha are getting a grip on the snagging and finish issues and providing owners with a product they are more satified with. Green shoots??

David
saidiavacations.com

[Investy]

I'm hearing the same the same Mr Ri.

Lets all keep the big picture in mind - this is THE spearhead of 10 years Governmental and Kings planning. It HAS to deliver.

[investor27]

Martinsa Fadesa files for administration: http://www.propertycommunity.com/forum/medit...-addoha-2.html

[Isadora]

The link to the above mentioned story.

Vulture funds close in as Martinsa Fadesa falls | News | Funds | Reuters

[Joppa]

I read in the Daily Mail yesterday that Fadesa has gone bust. Has anyone got any news or confirmation if this is correct and if correct, the effect this will have on the Saidia resort?

[Isadora]

Originally Posted by Joppa

I read in the Daily Mail yesterday that Fadesa has gone bust. Has anyone got any news or confirmation if this is correct ?

Refer to the link in the post above.

[simon b]

Originally Posted by Isadora

Refer to the link in the post above.

Here is a copy of email I was sent by saffron villas as per the situation

[simon b]

Originally Posted by Isadora

Refer to the link in the post above.

Here is an email I recived from saffron villas on this subject.

Here iSome of you may have seen or heard on today’s financial websites that Martensa Fadesa applied for voluntary bankruptcy protection this morning. As a result trading in their shares on the Madrid stock exchange has been suspended.



I have spoken to Lucia in the London Office, and have put a call into Adohha. The current situation is:



Fadesa Maroc, being only 50% owned by Martensa Fadesa, is secure from the effects of this bankruptcy. The business in Morocco are well financed, and are not short of funds. Martensa’s problems are Spanish based, and are confined to their direct operations only.



There is a possibility that, as part of the bankruptcy process, Martensa Fadesa may need to sell their holding in Fadesa Maroc. If this becomes necessary Adohha have already indicated their desire and ability to acquire the remaining shares and make Fadesa Maroc a wholly owned subsidiary of Adohha, providing the financial security of a significantly stronger corporation.



As you know, the administration of Fadesa Maroc has already been taken over by Adohha staff, and we therefore expect little, if any, disruption to the work on site at any of the Fadesa Maroc sites.



Obviously news is scarce at the moment, but we can assure you that we are doing everything we can to obtain as much information as possible, and this will be made available to you as we get it.



Thank you for you continued support of the Fadesa Maroc projects
s a copy of email I was sent by saffron villas as per the situation