Habitat To Start Negotiating With Investment Banks
2 February 2017 – Expansión
The property developer Habitat is getting ready to grow. The company has convened a General Shareholders’ Meeting on 8 March 2017 to authorise the Board to start negotiating its growth plans with investment banks such as Goldman Sachs, Morgan Stanley and Alantra. Sources in the sector indicate that the property developer is currently working to define its corporate strategy. Habitat faces a phase of expansion after, in 2014, it signed the first major modification to a creditors’ agreement in Spain with a discount of 85% on its debt of €1,200 million.
The company was unable to meet the payment plan established by the agreement that allowed it to file for creditor bankruptcy in 2010 and which saw the following entities become shareholders after they capitalised their debt: Bank of America Merrill Lynch, SP101 Finance Ire-land, Capstone, CCP Credit Acquisition Holdings Luxco, CSCP II, Arvo, Goldman Sachs and Melf. Habitat has promoted housing developments in several of Spain’s major cities since the modification to the agreement was signed.
Original story: Expansión (by G. T.)
Translation: Carmel Drake