23/10/2014 – Expansion
The five financial entites that composed the syndicate loan of Renta Corporacion have ruled out relief and time extension of its debt and have opted for debt to equity swap. Thus, the banks which became the new shareholders of the firm are: Sareb (a 4.9% stake), Banco Popular (4.1%), ING Real Estate Finance (2.9%), Deutsche Bank (2.8%) and Caixa General (2%).
Renta Corporacion overcame the state of insolvency this July and currently it faces in lieu payments, accounting a part of relief approved by the lenders and the swap for equity, with a goal set at cutting deeply in its total, €180 million indebtness to a mere €10 million.
In the first nine months of the year, the company earned net €29.8 million. Of the amount, €1.6 million proceeded from its ordinary activity and €28.1 million from the extraordinary one, meaning an in lieu payment in assets securing the syndicate loan, as well as relief and other effects of the bankruptcy process.
In the upcoming weeks, the property manager will return to the stock exchange market.
Original article: Expansión (by M. Anglés)
Translation: AURA REE