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Irish Investor in Bulgaria Files for Bankruptcy Protection
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The "Golden Sands" resort. Photo by Sofia Photo Agency
The Irish Blackwater Homes company, investor in the Bulgarian Black Sea coast, has filed for Court protection.
The information is reported by the Irish business online publication thepost.ie.
The firm has built several housing developments in southern Ireland and has recently expanded into overseas investments.
According to the publication, Blackwater Homes is currently promoting a 354-unit development along the Black Sea Coast in Bulgaria, wich also includes a spa and a hotel.
Blackwater Homes is asking the Irish High Court for Bankruptcy Protection from its creditor. The company will petition for an examiner to be installed over the business, as it seeks to restructure its debts and source fresh investment.
The company has suffered from the collapse of the property sectors and is no longer able to pay its debts.
An independent accountant's report has already been prepared, stating the company has a reasonable chance of survival if it can negotiate deals with its lenders and creditors.
Documents filed with the court reveal Blackwater Homes is proposing the appointment of Barry Donohoe, a partner with KPMG in Cork, as the official examiner, who will have 100 days to devise a scheme of arrangement to save the business.
In Bulgaria the Irish company has invested in the Crystal Spa Aparthotel, which is 4 km from the beach between Bulgaria's summer resorts "Albena" and "Golden Sands". The vacation complex boasts luxury apartments and studios.
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