Reyal Submits Preliminary Agreement That May Bring the Group to Liquidation

Rafael Santamaría´s real estate company owes 732 millions to Sareb and 463 millions to the Ministry of Finance. It claims to hold assets worth 200 millions. Moreover, it presents a bancruptcy incident against Sareb and slows the process down.

(…) Reyal Urbis pretends to hold the best assets of the company, leaving for the arrangement with the creditors devaluated properties and debt cut-offs which the firm would have to pay-off over few years. (…)

If the company having a 4.188 million debt maintains the offer, it “will have no way out but facing the liquidation”.

Reyal Urbis entered the arrangement on February 19th. This is the second arrangement of a larger Spanish company, after the one of Martinsa Fadesa (which reached 7.000 millions of debt). In its preliminary arrangement Reyal offers the creditor bank cancelation of mortgage guarantees on the relevant assets. For the creditors with preferential credits guaranteed with bilateral mortgage, such as Sareb, Reyal will provide conveyances in payment to cancel the loans. For the Tax Agency, Reyal considers an adjustment of the conveyances in payment of the assets which guarantee its indebtedness.

Among the assets that Reyal pretends to hold, valued at more than 97 million Euros, there are Atocha and La Plata hotels, buildings in Madrid like the ones at 56 O´Donell or 3 Alcala, and properties in Algete and Altea.

The company owned by Santamaría wishes to keep shares of the companies like the one that manages 200 Castellana, Reyal Hoteles and Urbis USA, among others. These shares are valued at almost 100 million Euros.

The report of KPMG

The report released by the advisory company shows that at the nearby end, Reyal Urbis will earn very little from now on by2020. (…) Another report on the arrangements issued by BDO and the Tax Agency concludes that Reyal presents a patrimonial hole of 1.699,36 million Euros, given that it disposes of 2.419,56 millons for facing the debt 4.118,55 millions.

Company slows the arrangement down

(…) The arrangement administration urged Reyal to reach an agreement with its creditors by the end of January – the judge informed. “The asset transfer to Sareb is not sufficiently justified” – he said. (…)

The 732 million Euros which Reyal owes to Sareb comply to the assignments carried out by the credit institutions to the body, 460 millions conveyed by Bankia and other 190 millions by ING. (…)

 

Source: Cinco Días

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