In case of not being able to repay or refinance the debt by 2018, FCC will supervise execution of holding in it conducted by its lenders. The construction firm and its 40 creditors signed two contracts concerning capitalization of the first part of the indebtness – equal to €1.35 billion – one on asset non-transmission during the next 90 days and the other on their orderly sale.
When the 90-day term passes, the banks may sell the shares in an orderly way. FCC will have right to decide about the purchase offers sifted out in line with “quality and investment stability”. Moreover, the lenders shall inform the firm about intention to sell or allocate the shares and tell the transaction conditions at least two days earlier.
Both FCC and the entities wanting to sell the shares by underwriting them in the market may organize a three-day roadshow for investors.
The firm chaired by Esther Koplowitz has recently reached an agreement with its lenders on refinancing a €4.5 billion core debt, divided into two parts. The first offered a possibility of swapping the loans for shares to the banks.
Original article: Expansión
Translation: AURA REE