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Marina d’Or’s RE Company Reaches Agreement with Creditors to Emerge from Bankruptcy

12 April 2018 – El Economista

Marina D’Or has managed to convince the creditors of its real estate company, Comercializadora Mediterránea de Viviendas (Comervi), to give their approval to an agreement that will allow it to emerge from bankruptcy, which began in 2014 with a liability of around €600 million. In the case of the ordinary loans, two options are being offered: a discount of 65% and the payment of the balance in 10 years time; or the capitalisation of the debt into shares in the company.

The group led by Jesús Ger has already reached an agreement with Sareb and is going to negotiate another specific deal with the Tax Authorities.

The agreement must be ratified by the judge, a process that is expected to take between two and three months. On 6 May 2014, the Judge of Mercantile Court number 1 in Castellón accepted Comervi’s voluntary creditor bankruptcy, following the suspension of sales and of the construction plans for new apartments.

Thanks to this new agreement with its creditors, the firm “faces a future with positive prospects”, highlight sources at the entity.

Original story: El Economista (by Olivia Fontanillo)

Translation: Carmel Drake