Martinsa-Fadesa Negotiating Debt With Creditors

19/02/2014 – El Confidencial

In the relevant fact brought about to the CNMV, Martinsa-Fadesa declares to “be talking to main creditors about its outstanding debt refinancing and property ownership, for example by converting a part of credits into loans”.

Once that is done, (…) the real estate company could apply for return to the stock market, where it has been suspended since 2008.

At the beginning of February, its chairman Fernando Martin opened a new process to refinance its debt with 17 banks. The businessman has already achieved a €3.600 million debt forgiveness in previous negotiations.

Martinsa-Fadesa entered in a tender in 2008 and the arrangements taken up now might allow it to dodge payment of 1% of the debt (€36 million) without pressure proceeding from failing to fulfill the agreement.

 

Original article: El Confidencial

Translation: AURA REE

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