22/09/2014 – Expansion
After the SanJose Group let know the National Stock Exchange Commission (abbreviated to CNMV in Spain) about the refinancing process it is currently undergoing, its shares upsurged considerably on the stock market. With general re-valuation of 38%, its shares went up by 33.7%, selling presently at a price of 1.11 euros a share.
The restructuring encompasses both a syndicated loan and bilateral loans, amounting to a €1.8 billion indebtness of the company.
Sanjose, chaired by Jacinto Rey, is at the brink of signing an agreement with its main lenders (Popular, Abanca, BBVA, Bankia, Värde and Sareb, among others) on an debt-swap operation, allowing the entities to avoid payment suspension and take a control stake (70%) in the real estate arm of the group, Sanjosé Inmobiliaria.
Initially, the banks will maintain the new financial scheme because they believe the company will start generating cash flows soon. Otherwise, they will carry out another debt-swap.
Original article: Expansión (by S. Arancibia & C. Morán)
Translation: AURA REE