Quabit to Cut 497 Million Debt by Selling Assets to Creditors

 As the company informed today the National Stock Market Commission (CNMV), the formal accessions of the pre-agreement from December 2nd represents 99% of its indebtedness, which reaches 824 million Euros which is enough to obtain a 95% aid from the creditors. 

The refinancing pact, approved by the company´s Board of Management, regards more than 100 real estate assets. After the transfer to the creditors, Quabit´s debt will shrink from 497 to 317 millions.

The company has also come to terms with Sareb with which it shares a debt of 237 millions upon refinancing some of the claims by December 2016 in a way that its expiration matches the rest of its financial debt.

The real estate company has also made agreements with Sareb and financial institutions that had granted credit to it at the moment of its establishment to commercialize the assets that ensure its debt.

On the other hand, the payment includes operations of asset sales that will contribute to the liquidity of 6.2 millions and will allow to free another 86 millions, the funds that Quabit will sped on the operating, maintaining and consolidation costs.

(…) Quabit counted on the adhesion of the entities which represent 60% of its debt the moment it made the agreement on December 2nd.

Source: La Información