Tag: pre-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

Abengoa Finalises Sale Of Former HQ in Sevilla

21 January 2016 – Expansión

Abengoa is getting ready to receive a lifeline of between €250 million and €300 million, which would enable it to continue operating until 28 March, the deadline for its pre-bankruptcy phase, when it plans to launch its viability plan.

The injection of funds will come from two sources: 1) a loan from its bondholders; and 2) from the sale of assets, above all, some of the jewels in its real estate crown, such as its former headquarters in Sevilla.

Abengoa is finalising an agreement with its bondholders whereby they will grant it a loan amounting to between €150 million and €170 million. The details of the agreement, such as the term and tranches of the facility, are currently being finalised. In addition, Abengoa is finalising the sale of assets worth between €100 million and €150 million, including a renewable energy facility and above all, several of its properties. One of those includes its former headquarters on Avenida de la Buharia in Sevilla and the building it owns in Madrid, on General Martínez Campos. The former, located in a prime area, is one of the most iconic buildings in the city of Sevilla. Abengoa’s objective is that its board will approve its viability plan next week.

Discounts of 70%

In addition to the mass sale of assets, the viability plan will include a significant reduction in the group’s debt. Abengoa is negotiating with its banks and bondholders regarding a discount and the capitalisation of loans representing up to 70% of its debt. The aim is to arrive at a debt balance of less than €3,000 million.

Original story: Expansión (by M.Á.Patiño)

Translation: Carmel Drake