31/01/2014 – Expansion
According to the news brought about by the CNMV today, the joint convention has been allowed to enter the procedures by the Court number 9 in Barcelona, on 29th of January.
The convention establishes three alternative ways of payment in respect to the ordinary and subordinate credits.
The first alternative presents a proposal on gradual removal of the credit amount and a payment with growing annual quotes up to 8 years time.
The ´B´option consists of a conversion of Renta Corporación Real Estate SA (RCSA)´s credit into assets, keeping the debt as a participatory debt.
The loans embraced in the third alternative will be converted into participatory debts or maintained in the said nature and will be met when they are integrally met in total of the obligations assumed by the creditors affected by the previous alternatives.
Original article: Expansión
Translation: AURA REE