24/09/2004 16:08
The Cyprus tourist industry has been severely hit by the latest developments in Golden Sun Leisure, which suspended its operations on Friday. Golden Sun, which is specialized in organizing trips to Cyprus and Greece, had brought 60 thousand British tourists to the island in summer 2003 and 150 thousand British tourists to Greece and Cyprus on the same period.
Last night, the British Civil Aviation Authority cancelled the agreements of its two subsidiaries, Golden Sun Holidays and Airglobe Holidays and the Air Travel Organisers’ Liscencing recommended that the two companies should suspend their operation.
Debts
The latest developments have mostly hit the trading creditors of Golden Sun Leisure, to whom the company owes £4 million. Of these, £1.9 million represented debts to other creditors and accruals, as well as prepayments.
CTO Chairman, Fotis Fotiou told StockWatch that the organization has already informed the companies of the sector and has requested additional information by the British authorities.
After the suspension of the Company’s operations, ATOL will undertake the payment of the expenses of the Company’s customers that are currently in Cyprus for holidays, sources told StockWatch.
CSE
One of the biggest creditors of the company is Aqua Sol Hotel, which claims the amount of £1.3 million. It is worth noting that the two companies have common major shareholders. The latest developments have pushed the share of Aqual Sol in the CSE down 20% to 5.8 cents.
Background
Golden Sun became a listed company in 2000. Last year, it recorded losses from operations of £6.7 million and in 2002 profits of £190 thousand. For the first half of 2004, the company recorded losses of £400 thousand.
Last night, the British Civil Aviation Authority cancelled the agreements of its two subsidiaries, Golden Sun Holidays and Airglobe Holidays and the Air Travel Organisers’ Liscencing recommended that the two companies should suspend their operation.
Debts
The latest developments have mostly hit the trading creditors of Golden Sun Leisure, to whom the company owes £4 million. Of these, £1.9 million represented debts to other creditors and accruals, as well as prepayments.
CTO Chairman, Fotis Fotiou told StockWatch that the organization has already informed the companies of the sector and has requested additional information by the British authorities.
After the suspension of the Company’s operations, ATOL will undertake the payment of the expenses of the Company’s customers that are currently in Cyprus for holidays, sources told StockWatch.
CSE
One of the biggest creditors of the company is Aqua Sol Hotel, which claims the amount of £1.3 million. It is worth noting that the two companies have common major shareholders. The latest developments have pushed the share of Aqual Sol in the CSE down 20% to 5.8 cents.
Background
Golden Sun became a listed company in 2000. Last year, it recorded losses from operations of £6.7 million and in 2002 profits of £190 thousand. For the first half of 2004, the company recorded losses of £400 thousand.
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