SnowNews

La Plagne in debt 14 years after Olympics

The Savoyard village of de Macôt la Plagne, which hosted the four man bobsleigh event in the 1992 Albertville winter Olympics is sitll in debt to the tune of 12 million Euros 14 years after the games. The money is owned to banks in Luxembourg who are showing little Olympic spirit to the tiny community of 1750 inhabitants.

The debt follows a long court battle that was finally settled on the 28th of February by the French High Court (cour de cassation). Before the 1992 games the community stood guarantor for a hotel complex that would house competitors. The builders (Créolie) had borrowed 45 million francs from three banks based in Luxembourg however the builder went bust. In 2001 the village got a new administration who were not keen to pay the debts of Créolie and launched into a long, and ultimately unsuccessful legal battle. It now looks like the town will have to borrow the money over 20 years and raise local taxes by 10%. Fortunately the hotel, hardly the best example of ski architecture, was bought by a tour operator brining in much needed revenue to the village.

posted by davidof @ 2:51 PM