5/03/2014 – Expansion
Reyal Urbis is currently working on a proposal for a creditors´arrangement and a debt payment method that would allow it to get out of the tender it entered a year before with an estate debt of €1.700 million.
Administrative board of the company chaired by Rafael Santamaría claims that “negotiations on the convention conditions will be the key to win the tender through, that in turn would allow to face the financial pledges”. (…). Right now the company is at the joint stage of the bidding process.
While preparing the liability plan, Reyal Urbis is weighting up granting a bulk of assets to its creditor banks to overcome a big part of the total debt of €4.100 million. (…) The operation means forgiving an average of 40% of the debt in each entity. (…).
Reyal Urbis owns exactly €4.118,93 million liabilities that exceed by 70.2% its €2.419,56 million asset value intended for fighting the said debt. (…).
Since 2008, the real estate company has been losing constantly and the situation have even deepened due to the price deterioration on the market. (…) Delloite, its auditory firm, points out that the tender situation is “utterly uncertain” for further existence of Reyal Urbis. By now, it will try to re-gain value for its assets. (…).
Original article: Expansión (Europa Press)
Translation: AURA REE