Tag: creditor bankruptcy

Cerbium Files for Bankruptcy after Negotiations Fail with Creditors

24 January 2019 – Eje Prime

Cerbium Holding has succumbed to bankruptcy. The entity, the parent company of the holiday rental platform Only Apartments, has filed for voluntary creditor bankruptcy, according to explanations provided by the group in a relevant event submitted to the Alternative Investment Market (MAB).

The company filed for pre-bankruptcy last November, alleging “a difficult financial situation and cash troubles”. The company needed between €600,000 and €700,000 to reduce its cash tensions.

Now, the Board of Directors has proceeded to file a request for voluntary creditor bankruptcy “since it has not been able to reach an agreement with the company’s creditors to eliminate the insolvency situation”.

Cerbium also highlighted that it will continue with the company’s activity. The group started life in February 2018, after Only Apartments completed the purchase of Texting Big Data.

Original story: Eje Prime

Translation: Carmel Drake

British Fund Signal Capital Partners Offers €30M+ for Duro Felguera’s HQ

7 February 2018 – Eje Prime

The sale of the headquarters of Duro Felguera in Madrid could be on the verge of being signed. The Asturian company has received an offer for more than €30 million from the British investment fund Signal Capital Partners. And the company has already requested a due diligence, according to El Economista.

Before Signal, the Duro Felguera building, located at number 7 Calle Vía de los Poblados in the Spanish capital, had been courted by two other interested parties: Banco Sabadell and Sandra Ortega, one of the daughters of the Inditex founder.

Two months ago, the Spanish bank offered €33 million for the building, but it seems that neither its bid nor the €38 million that Sandra Ortega (…) placed on the table convinced the Asturian group. In the case of Ortega, the economic proposal was accompanied by one condition: the rental of the asset for ten years, at a price of €2 million per year and a seven-year deposit, according to Vozpopuli.

Duro Felguera, which is on the brink of filing for creditors’ bankruptcy, has until 15 April to reach an agreement with the banks to restructure its debt, which exceeds €900 million. For that reason, the company is particularly keen to complete the sale of this asset.

If the fund reaches an agreement, it would represent Signal Capital Partners’ second operation in Spain. In 2017, it took part in the purchase and remodelling of Aparthotel Orquidea, an establishment located in Ibiza, with a surface area of 12,000 m2 and 198 rooms.

Original story: Eje Prime

Translation: Carmel Drake

Sabadell Offers €33M for Duro Felguera’s HQ in Madrid

20 November 2017 – Eje Prime

Sabadell may complete the purchase of a new asset very soon. The financial institution is close to signing the acquisition of the headquarters of the company Duro Felguera for €33 million. The Asturian company, which is fighting hard to avoid having to file for creditor bankruptcy, would raise liquidity for its internal battle as a result of the agreement.

Interestingly, Duro Felguera must have rejected an offer amounting to €38 million from Sandra Ortega, the daughter of the founder and President of Inditex, Amancio Ortega. According to Voz Populi, although she was offering a higher financial proposal, she was also imposing the condition that the company remain as the tenant of the property for ten years, in return for a price of €2 million per year and a seven-year deposit.

By contrast, Sabadell is offering €33 million without any requirement for the company to remain in the building or to pay any deposits, which means that Duro Felguera would see a cash inflow of between €10 million and €15 million after paying off its loan.

Original story: Eje Prime

Translation: Carmel Drake

Grupo Amenabar Joins Forces With Sareb To Build 100 Homes In Sevilla

20 November 2017 – Eje Prime

Grupo Amenabar is finding new work for its property developer. The Basque company, whose main line of business is construction, has been awarded the project to build one hundred homes in Sevilla, which will boost the growth of its residential development area. The project has been awarded by Sareb, after it put a 4,373 m2 plot of land up for auction in the La Florida area of the Andalucian capital. The two companies will work together to build the complex.

The two entities are working against the clock to submit the basic design before 27 November, in order to obtain the construction permit from the Town Hall of Sevilla and thus be in a position to sign the contract, according to ABC.

The plot in La Florida used to be owned by the company Novaindes, until it filed for creditor bankruptcy and liquidated its company following the burst of the real estate bubble. Sareb took over the land in 2013 for €61 million.

Amenabar Promociones Residenciales is the property developer arm of the Basque group, whose turnover in 2016 amounted to €380 million. The property developer from San Sebastián has invested more than €200 million on the purchase of land over the last two years. Most of the land it has acquired is located in Madrid, País Vasco, Cataluña, Navarra and the Costa del Sol, but it is also considering investment opportunities in other provincial capitals.

The group currently has a land portfolio spanning more than half a million square metres, worth €900 million.

Original story: Eje Prime

Translation: Carmel Drake

Habitat To Start Negotiating With Investment Banks

2 February 2017 – Expansión

The property developer Habitat is getting ready to grow. The company has convened a General Shareholders’ Meeting on 8 March 2017 to authorise the Board to start negotiating its growth plans with investment banks such as Goldman Sachs, Morgan Stanley and Alantra. Sources in the sector indicate that the property developer is currently working to define its corporate strategy. Habitat faces a phase of expansion after, in 2014, it signed the first major modification to a creditors’ agreement in Spain with a discount of 85% on its debt of €1,200 million.

The company was unable to meet the payment plan established by the agreement that allowed it to file for creditor bankruptcy in 2010 and which saw the following entities become shareholders after they capitalised their debt: Bank of America Merrill Lynch, SP101 Finance Ire-land, Capstone, CCP Credit Acquisition Holdings Luxco, CSCP II, Arvo, Goldman Sachs and Melf. Habitat has promoted housing developments in several of Spain’s major cities since the modification to the agreement was signed.

Original story: Expansión (by G. T.)

Translation: Carmel Drake

Reyal Urbis’ Shareholders To Approve Asset For Debt Swap

30 June 2015 – Expansión

Reyal Urbis, the real estate company chaired by Rafael Santamaría (pictured above) will today ask its general shareholders’ meeting to authorise the exchange of real estate assets for debt, as proposed in the agreement that it presented to exit its creditor bankruptcy process.

Original story: Expansión

Translation: Carmel Drake

Reyal Urbis’s Losses Decrease By 14% In 2014

2 March 2015 – Expansión

The real estate company, Reyal Urbis, recorded net losses of €694 million in 2014, i.e. a reduction of 14% on the losses of €807.42 million it recorded in the previous year, according to reports by the company, which has filed for bankruptcy.

Original story: Expansión

Translation: Carmel Drake