Port Olpenitz, the developer and operator of a EUR 500 mln holiday park on the German Baltic coast, has filed for insolvency after the group's joint venture partners, American Realty Investors, and Berlin's HarmInvest, were no longer able to fund the construction of the scheme.

Administrator Rainer Eckert - which has been mandated to manage the portfolio - is looking for new investors in the project, located on a former military base near Flensburg.

'We are confident that insolvency proceedings can be used to overcome obstacles and restart the project,' the administrator said in a statement.

Located on the Baltic coast of Schleswig-Holstein, the development covers an area of 150 hectares and has been under construction since early 2010. On completion in 2015, it will comprise more than 1,000 holiday cottages, two four-Star hotels with 425 beds, a marina with 2,500 berths, a shipyard, ship's chandlers and heated winter boat storage.

The construction cost is estimated at EUR 500 mln.