Husa Proposes Discount Of More Than 70% To Its Creditors

3 June 2015 – Expansión

The hotel chain Husa, chaired by Joan Gaspart, presented a proposed agreement yesterday, in which it committed to paying around €70 million of its €240 million debt. The company has proposed that its lender banks take ownership of its assets and that a new manager, controlled by Park Street, in which Husa would own a minority stake, takes care of the operation of the assets.

Husa’s proposal represents an average discount of more than 70%, although it would be distributed very differently depending on the type of creditor. For public and privileged loans, the discount would be around 10%; and for ordinary and subordinate creditors, the discount would increase to 95%.

Original story: Expansión (Marisa Anglés)

Translation: Carmel Drake

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