Heliopark Group’s subsidiaries under taxation and creditors’ pressure
Retribution Time
The financial problems of Heliopark Group, one of Russia’s top hotel operators, have been worsened by the Federal Tax Service (FTS) decision to initiate a bankruptcy case against Heliopark Hotel Management, a key subsidiary of the group, over tax payment issue. The FTS has not disclosed the sum of tax claims in contention.
The action of the tax agency is the last in a series of legal suits filed against Heliopark Group’s subsidiaries. Thus, apart from the bankruptcy case, the BTA Bank has also gone to the arbitration court, seeking $1.6mln from two of Heliopark’s subsidiaries — Heliopark Old Estate and Heliopark Emmaus Club, which, according to Arendator.ru, owned the bank about $10mln. Similarly, Moskommertsbank is also reportedly claiming two of the group’s hotels in lieu of its $17mln loan, while the operator’s gross debts are currently valued at $80mln.
However, Heliopark CEO Alexander Gusakov does not see a direct threat to his hotel empire from the FTS’ action, saying that Heliopark Hotel Management is just one of the group’s numerous subsidiaries. This is collaborated by the data on the group’s site, which noted that the management firm only runs hotel chain under the Heliopark Hotels & Resorts brand, which comprises 2,500 rooms, out of which only 24% are owned by the group. However, according to media reports, the management firm accounts for 30-40% of the group’s revenues.
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