Realtor Sivis Suspends Payments

10/09/2014 – Economia Digital

The Mercantile Court of Barcelona has accepted the suspension of payments presented by Sivis SA, a Barcelona-based real estate veteran. In 2013, the firm made agreements on debt refinancing with La Caixa, Banco Mare Nostrum and Banco Sabadell.

Sivis is a short name of Sociedad Inmobiliaria de Viviendas Subvencionadas. Since founded in 1959, the company has built over 6.000 dwellings, offices and retails in Catalonia, the Balearic Islands and Aragon.

One of its most iconic work can be admired on the Plaza Cerda square in Barcelona – the Torres Cerda office complex. Presently, Sivis has got undergoing housing developments in Arenys de Mar, Viladecans and Sant Vicenç de Montalt.

When the recession hit, the company chaired by Alexandre Siches Cuadra focused on paying-off the €70 million indebtness. Today, it amounts to €30 million. Between 2011 and 2012, Sivis registered a €20 million loss.

The firm used to have six affiliates but most of them is currently inactive like builder Formac.

 

Original article: Economia Digital (by Gonzalo Baratech)

Translation: AURA REE

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