Marriott’s majority shareholder is Austrian group Strabag, with a 64% stake.
ONT Carpati is controlled by the Bank of Cyprus, with 93.8%. The bank did not agree to a EUR1.8 million capital increase, which was on the agenda as an alternative to bring the company back on its feet. The bank did not agree to ONT Carpati going into judicial reorganization either. Instead, it opted for ONT Carpati to go straight to bankruptcy, according to market sources.
The Bank of Cyprus paid around EUR4 million to take over the company in 2007 and added around EUR1 million to its capital in 2009.
The company’s assets will be sold in an auction in order for debts to be repaid. Societatea Companiilor Hoteliere Grand owes a historic debt of EUR24.5 million to ONT Carpati. In terms of its own debts, ONT Carpati has a EUR5.5 million loan to repay to the Bank of Cyprus. The loan is secured with a mortgage on the New Montana hotel.
(English version by Daniela Stoican)