Sacyr to Liquidate Vallehermoso This Year

13/06/2014 – Reuters España

Sacyr expects to finalize orderly winding up of assets and associated liabilities in its real estate branch Vallehermoso´s books via arrangements with lenders, said president of the construction firm Manuel Manrique.

At the last stakeholders meeting held in Madrid, the president asserted “although the process is advancing very slowly, we hope it will have been concluded by the end of 2014”.

Officially, Sacyr put Vallehermoso up for sale last year that allowed it to shed debt of over €1.2 billion. At the end of Q1 2014, its indebtness was reaching nearly €5.9 billion.

In December, the construction firm swapped a part of the debt for a €400 worth of its assets. Now €800 million debt is left to be paid-off, most of it in hands of Sareb.

 

Original aticle : Reuters España

Translation: AURA REE

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