Tag: shoreline mall
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Shoreline Mall pays bond interest as €14 million principal repayment is postponed until 2028
Shoreline Mall has announced that it has paid the annual interest due on its €14 million 4% Secured Bonds 2026 and its €26 million 4.5% Secured Bonds 2032. The company also paid holders of the 2026 bonds a one-time commitment fee equivalent to 0.25% of their bonds’ face value. The announcement does not mean that…
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Shoreline creditors and investors looking for exits but the door is getting narrower
We have obtained an internal letter signed by Koray Global Malta, the Turkish contractor currently involved in arbitration proceedings against Shoreline Mall over an unpaid bill amounting up to €56 million. You can find the letter here. The letter accuses Shoreline shareholders, primarily Kevin Deguara, Jean Carl Sammut and Ryan Otto, of using project revenues…
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Turkish Contractor denies it is responsible for Shoreline Mall’s mess
The Turkish contractor which issued a garnishee order to Shoreline Mall has sent us a right of reply about our investigations on the illiquid and potentially bankrupt company. We are publishing this right of reply here for legal reasons but we find this unnecessary given that we have never blamed Koray for Shoreline’s mess. On…
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Even the ducks have been left without water at Shoreline Mall
Things are going so badly at Shoreline Mall that even the ducks have been left without water. We have further news about Shoreline Mall that we intend to publish soon. In the meantime, we can confirm that Shoreline Mall’s bondholders have agreed to defer the company’s scheduled bond payments until next year. This arrangement was…
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Shoreline Mall defaults on its bonds
As expected, Shoreline Mall has defaulted on its bonds. It has confirmed this in a public statement to its shareholders and bondholders where it is demanding to postpone payments for next year. The public document can be found here. Shoreline Mall is expected to pay up to €14 million of Secured Bonds which had a…
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Shoreline Mall announces retail-sales growth but still avoids the real bond question
Earlier this week, Shoreline Mall has released a bizarre press release announcing it made up to 18% more in income in the nine months from July 2025 to March this year compared with the same period in the previous years. You can read the official press here. The announcement reads like a promotional press release…
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From one distressed shopping mall to another: restructuring for Shoreline is in the offing
There is a high probability that Shoreline Mall and its complex financial structure are going to be restructured, and not just because the company is unable to sustain its bond payments or because of chronic liquidity pressures. Shoreline Mall may also be heading toward restructuring because its shareholders recently hired a director who apparently specialises…
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How Horizon Finance helped finance Shoreline Mall through Middletown Investments
Yesterday, we discussed how the SmartCity concession gradually transformed from a promised ICT hub into a speculative real-estate project financed through shareholder support, related-party funding and eventually public bond markets. We also discussed how Kevin Deguara and his associate Jean-Carl Farrugia acquired the shares of the project for free and that today, despite rounds of…
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The theft of SmartCity and how the public markets supported it
Kevin Deguara, along with his associate Jean-Carl Farrugia, was charged in court with money laundering in connection with the Vitals and Steward Health Care case and is suspected of having served as one of the money-laundering fronts for Keith Schembri. His involvement in what was previously the SmartCity project, Shoreline Mall, has been particularly interesting…
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Maltese markets are not correctly pricing distressed assets
Not enough public debate has been made about the Smart City project which Keith Schembri and his friends then turned into Shoreline Mall. The project, which involved handing out public land to a group of speculators and investors, mimics the project of MIDI at Tigné Point and Joseph Muscat’s administration seems to have tried to…
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Dear Leader visits the business of a convicted criminal who siphoned millions of Euros from the Malta Tourism Authority to himself and his friends
So, after getting sacked by the new Malta Tourism Authority’s CEO, Lionel Gerada is now exclusively in private business. Previously, he was also in the private business but officially he was also an executive at the Malta Tourism Authority from where he syphoned millions of Euros to himself and his friends. His new business has…
