8/07/2014 – El Mundo
Restaura reached an agreement with its lenders which allows it to get out from the insolvency status assigned to it in November 2011. In virtue of the contract, the company will be forgiven 80% of its indebtness, currently amounting to €118 million awaited to be paid-off within five years.
The equity owed to the Tax Office will be redeemed during a five-year waiting period. Apart from the agreement with the lenders, Restaura agreed with Sareb on allocation of real estate assets worth €45 million in order to cover the debt owed to banks.
Restaura pointed out that the agreement which allowed it to crawl out from the bankruptcy process lays a foundation for revival of the firm´s real estate transactions, entering in the “normalization stage”. The new phase will be marked by cooperation with international investors on developing single buildings found in the prime areas in main Spanish cities.
For instance, the renovation of the Puerta del Sol building in Madrid, said to consume €40 million.
The real estate firm highlighted that the high quality assets found in its portfolio have played a crucial role at the moment of coming to an agreement with the lenders. It has allowed acquisition of over €200 million worth of assets during the negotiations process.
Also, branches of the Restaura Group, Montbeau Inmobiliaria and Zuritze both found in the bankruptcy process are going to obtain an 80% release with a five-year waiting term.
Original article: El Mundo
Translation: AURA REE