Banks Demand Renta´s Mortgage-Backed Assets As Loan Guarantee

19/05/2014 – La Informacion

Lenders of Renta Corporación, a real estate firm declared insolvent over a year ago, have filed for allocation of mortgage-backed assets as guarantees for syndicated loan. According to the CNMV (Spain´s Stock Exchange Market Commission), agent bank asked for positive decision of awarding the guarantees to all lenders of the bankrupt company.

Renta voluntarily issued a bankruptcy application in March last year facing a €185 million debt and difficulties in coming to an agreement with the lenders to refinance it. The Mercantile Court number 9 of Barcelona accepted its insolvency at the end of the aforementioned month.

 

Original article: La Información

Translation: AURA REE

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