7/05/2014 – Cinco Dias
According to the CNMV (Spain´s Stock Market Commission), on December 31st 2013 Martinsa-Fadesa´s debt projected €6.694 million.
The real estate firm applied for insolvency process in 2008, when its indebtness oscilated around €7 billion. In 2011, it obtained enough aid to leave the process. About €4 billion out of the amount Martinsa owes to financial institutions.
The debt of the group led by Fernando Martin corresponds to outstanding debt obligations with a special privilage of €128.3 million, mortgages with subrogation option of €210.5 million and about €1.887 million in non-current reorganization debt. Its property is also linked to assets transferred to Sareb by banks (€214.2 million).
Moreover, Martinsa-Fadesa is ought to pay loan interests earned of €20.5 million and soon-to-expire ordinary reorganization debt with non-financial lendors of €164.4 million.
Deloitte, the firm´s auditor, said that Martinsa´s existence “portrays significant uncertainty about its capacity of further operating as a company”.
Original article: Cinco Días (by Alberto Ortín Ramón)
Translation: AURA REE