24/06/2014 – El Mundo
Ayco Grupo Inmobiliario has come to an agreement with Spain´s bad bank (or Sareb) that is its main lender to capitalize a part of the €102 million indebtness owed to the entity.
In virtue of the agreement, the real estate group will amortize the debt with sales and in lieu payments with assets. The rest of the due amount will be “automatically converted into” shares of the company. Thereby, Ayco will achieve balance in its property sheets.
Moreover, the firm agreed with BMN to swap €2.64 million debt for a stake. Sareb received the non-performing loans of Ayco from BMN and Banco Ceiss together with the last year´s toxic asset transfers.
Two years ago in November, Ayco expressed willigness to become a Socimi (Spanish REIT firm).
Original article: El Mundo
Translation: AURA REE