Quabit to Cut 497 Million Debt by Selling Assets to Creditors

 As the company informed today the National Stock Market Commission (CNMV), the formal accessions of the pre-agreement from December 2nd represents 99% of its indebtedness, which reaches 824 million Euros which is enough to obtain a 95% aid from the creditors. 

The refinancing pact, approved by the company´s Board of Management, regards more than 100 real estate assets. After the transfer to the creditors, Quabit´s debt will shrink from 497 to 317 millions.

The company has also come to terms with Sareb with which it shares a debt of 237 millions upon refinancing some of the claims by December 2016 in a way that its expiration matches the rest of its financial debt.

The real estate company has also made agreements with Sareb and financial institutions that had granted credit to it at the moment of its establishment to commercialize the assets that ensure its debt.

On the other hand, the payment includes operations of asset sales that will contribute to the liquidity of 6.2 millions and will allow to free another 86 millions, the funds that Quabit will sped on the operating, maintaining and consolidation costs.

(…) Quabit counted on the adhesion of the entities which represent 60% of its debt the moment it made the agreement on December 2nd.

Source: La Información

Quabit Reduces Debt by Selling Properties to the Bank for 828 Million Euros

When 143 assets converted, the liability of the real estate will be reduced about 60%.

In order to restructure its debt oscillating around 828 million Euros, Quabit, controlled by the Rayet Group, has come to an agreement with its financial institution after 2 years from the burst of ´the real estate bubble´. This is its fourth restructuring since that time (first in 2008, 2010, 2011 and the one in present).

The refinacing will include significant reduction of its liabilities throught the assets´ sale-and-purchase actions. The strategy proved to be successful in 2012 when they managed to convert 360 millons from the debt deriving from the properties equal to 1.300 millon Euros.

Although there is no official announcement from Qabit, it is said to transfer 143 assets already comitted to its bank creditors. The operations will be formalized at the turn of the year. Thanks to these agreements Quabit will reduce 60% of its debt.

The news was warmly welcomed by the investors and the price of real estate share has increased by 5.34 % up to 0,138 Euros.

Source:  Expansión

So stands the sector.

COLONIAL

The real estate company had losses of 24 million Euros due to the impact of Asentia, the non strategic assets subsidiary, that the company wishes to get rid of.

MARTINSA FADESA

The developing company handed in during the first quarter of the year 15% more units that during the same period in 2012 and sold 77 units off plan, but all of them in the international area.

METROVACESA

The real estate company, controlled since yesterday in 99,8% by the banks Santander, Bankia, BBVA, Popular and Sabadell after its exit from the stock market, obtained gains in its residential area of 1,5 million Euros, with a negative margin of 1,9 million Euros for the sale of 11 properties.

QUABIT

The real estate company, whose parent company (Rayet) is in creditor´s meeting, assures that the first months of the year have shown a “descent in the volume of activity within the real estate sector”.

REALIA

The company, controlled by Bankia and FCC, and where Sareb could enter through a debt capitalization, assures that the gains in the residential activity “are still affected by the credit restrictions”.

REYAL URBIS

The real estate company presided over by Rafael Santamaría, that requested a creditor´s meeting in February, is one of the most affected ones, as its main business is the development. In its results for the first quarter, it confesses a “stagnation” of the commercial sales due to “the lethargy within the real estate sector”.