Tahiti Ia Ora Beach liquidated, Redcore claims to be still interested

Tahiti, November 18, 2022 – While the Tahiti Ia Ora Beach Resort hotel in Punaauia has been completely liquidated for a week, the American group Redcore claims to be always ready to buy the establishment and the two other hotels from the Samoan Frédéric Gray in Bora Bora, taking over the employees.

Placed in compulsory liquidation on Monday, the Tahiti Ia Ora Beach Resort hotel in Punaauia still nourishes the hopes of the American group Redcore. Announced as a potential buyer of the Samoan Frédéric Gray hotel since the beginning of the year, the relatively unknown group in our latitudes had made several takeover offers to the Papeete Mixed Commercial Court. Offers that ultimately never materialized. On Wednesday, the representative of Redcore, Niki Vontas, reacted to the liquidation by assuring that he still intended to complete the takeover of the hotel.

“We have now been engaged in this Polynesian adventure for 10 months. We have identified this country as one of the most valuable investments on the planet and one of the last ecological and natural frontiers”, assures the boss of Redcore, from South Africa, in a press release addressed to Tahiti Facts. “Legal difficulties and our investigations delayed our due diligence until the end of August, when we had to deal with the legal challenges facing the companies. At that time, we also had the chance to meet the employees and the unions and this anchored our resolve to pursue the transaction to the end and at all costs.”

Niki Vontas says her company “is committed to seeing this transaction through to completion in order to recreate these former hotels and to protect and enrich the lives and livelihoods of all involved”. And he claims as such to have “access to the financial and intellectual capital needed to buy, renovate and expand the three hotels”. The three hotel establishments in question being those of Punaauia and the last two hotels of Frédéric Gray in Bora Bora: the Sofitel Private Island and the Sofitel Marara Beach. Hotels also in receivership until next February, with a high probability of liquidation by this deadline. Indeed, if the three hotel establishments are still closed, the position of the commercial court on their continuation in receivership seems to have evolved since the salaries of the employees are no longer paid.

Other buyers in the running

As for the former Meridian of Punaauia, the liquidation phase has been initiated and must pass in the short term by the dismissal of employees. The two billion XPF of debts accumulated in the company’s liabilities have now been liquidated and potential buyers, such as Redcore, will have to come forward in the context of this liquidation by possibly rehiring employees. The question of land, still belonging to French Polynesia, is also part of the particularities of the case. But according to our information, other buyers have also expressed an interest in the hotel in Punaauia or those in Bora Bora. In addition to the Redcore group, the names of the company Windstar Cruise, owner of the Wind Spirit, the City Group or the businessman Dominique Auroy have already been mentioned around the hearings of the commercial court concerning these three hotels of Frédéric Grey. .

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