Polo House Closure, James Hewitt suffers closure of Spanish business

<p><div><h1></h1><h2>James Hewitt, has been forced to close down his bar and restaurant in Spain.</h2><div><div id="storyEmbSlide"><div><div><div><img alt=" James Hewitt " height="388" src="http://i.telegraph.co.uk/multimedia/archive/01761/james-hewitt_1761566b.jpg" width="620" /><div><div>Polo House bar and restaurant in Marbella, run by James Hewitt, has closed Photo: GETTY IMAGES</div></div></div></div></div></div></div></div><div><div><div><p>James Hewitt's attempt to forge a successful new career in the sunshine has ended in failure.</p></div></div><div id="mainBodyArea"><div><p>Mandrake can disclose that Polo House bar and restaurant in Marbella, run by the former lover of Diana, Princess of Wales, has closed.</p></div><div><p>“After four relatively happy years, and one bad year, James and his business partner, Ram Nandkishore, decided to call it a day,” a spokesman tells me.</p></div><div><p>“The split was amicable and James will be staying in Spain and pursuing other interests. He’d had enough in the end. Polo House was a victim of the Spanish recession, but it was fun while it lasted.”</p></div></div></div></p>

Polo House Closure, James Hewitt suffers closure of Spanish business

James Hewitt, has been forced to close down his bar and restaurant in Spain. Polo House bar and restaurant in Marbella, run by James Hewitt,...

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THE FOURTH DIMENSION The most exciting novel on crime and addiction to surface in a decade. is an action packed crime and addiction novel set in Spain's sun drenched Costa Del Sol

<div dir="ltr" style="text-align: left;" trbidi="on"> <div class="zemanta-img" style="text-align: left;"> <a href="http://www.flickr.com/photos/50182877@N06/10951031604" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Sunrise over Nerja on the Costa del Sol" border="0" class="zemanta-img-inserted zemanta-img-configured" height="266" src="http://farm6.static.flickr.com/5548/10951031604_10982d1c30_n.jpg" style="border: none; font-size: 0.8em;" width="400" /></a></div> <br /> THE FOURTH DIMENSION The most exciting novel on crime and addiction to surface<br /> in a decade. is an action packed crime and addiction novel set in Spain's sun drenched Costa Del Sol<br /> <div style="font-family: Times; font-size: medium; margin: 0px;"> <br /></div> <br /> </div>

THE FOURTH DIMENSION The most exciting novel on crime and addiction to surface in a decade. is an action packed crime and addiction novel set in Spain's sun drenched Costa Del Sol

THE FOURTH DIMENSION The most exciting novel on crime and addiction to surface in a decade. is an action packed crime and addiction nov...

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Bolivia nationalized the company that runs the three largest airports in Bolivia because the government claims the company did not invest in improving the airports.

<div></div><div>Servicios de Aeropuertos Bollivianos SA (Sabsa) is a division of Spain's Abertis Infraestructure SA but Sabsa is also partly owned by Aena Aeropuertos SA based in Madrid. Bolivian president Evo Morales said that the privatization of Sabsa in 1997 was equivalent to "robbery" and "looting". He claimed that since that time the company's profits have been exorbitant and investments "ridiculous".</div><p><span style="font-family: arial, helvetica; font-size: 12px;"><br /><br /><br /></span></p>

Bolivia nationalized the company that runs the three largest airports in Bolivia because the government claims the company did not invest in improving the airports.

Servicios de Aeropuertos Bollivianos SA (Sabsa) is a division of Spain's Abertis Infraestructure SA but Sabsa is also partly owned by Ae...

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real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.

<p><p>Spain's property market crash claimed another victim on Tuesday, as real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.</p><span id="midArticle_5"> </span><p>The move takes the property developer, which had 3.6 billion euros ($4.8 billion) of debt at the end of September, closer to becoming Spain's second-largest bankruptcy after Martinsa Fadesa, which defaulted on 7 billion euros of debt in 2008.</p><p>Dozens of property companies have collapsed in Spain, where house prices have fallen around 40 percent since their 2007 peak. With the country locked in a deep recession, analysts expect prices to fall further still.</p><p>Spain's banks were crippled by the property market bust, eventually requiring the state to agree a European bailout for its lenders of almost 40 billion euros last year. Indebted property firms have asked banks for debt relief but patience is wearing thin among lenders saddled with soured property assets.</p><p> </p><p>Reyal Urbis is 70 percent owned by construction magnate Rafael Santamaria and its creditors include Santander, BBVA, Bankia and Banco Popular.</p><p>The company, which valued its property portfolio at 4.2 billion euros in June 2012, said it would continue to operate as permitted by Spanish insolvency laws.</p><p>Its insolvency petition now goes to court and its fate will be in the hands of a judge.</p><p>Reyal Urbis said Santamaria would remain at the helm of the company and he still hoped Reyal Urbis could reach a deal with its creditors, given "the good will of all negotiating parties".</p><p>The company had until Feb. 23 to reach a debt restructuring deal with the banks or file for insolvency. Sources close to the matter told Reuters on Friday that creditors had rejected the company's 3.6-billion-euro proposal.</p><p>Trading in the company's shares was suspended on Tuesday, Spain's stock market regulator said. The stock had plunged 99 percent since June 2007 to close at 0.124 euros on Monday.</p><p>At the end of 2011, Reyal Urbis owned some 888 finished homes in a country where over a million homes lie empty. The company also had 8 million square metres of land for development and 237,000 square metres of commercial property, including offices, shopping centres, industrial property and hotels.</p></p>

real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.

Spain's property market crash claimed another victim on Tuesday, as real estate company Reyal Urbis filed for insolvency after failing t...

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