The property is pending the decision SAREB and CaixaBank, its two main creditors
MADRID, 25 (EUROPA PRESS)
Martinsa Fadesa rushes to the maximum period, which ends tomorrow Thursday, February 26, to add enough support from their banks to the new arrangement with creditors submitted to service its debt 3,500 million allowing it to avoid liquidation.
The company that controls and presides Fernando Martín is fundamentally aware of his two major creditors, SAREB and CaixaBank, providing decide on Thursday if eventually support the business plan, according to Europa Press sources of the process.
The other major financial institutions creditors of the company continued to analyze the various options. Thus, late on Wednesday, Martinsa not yet added accessions creditors equivalent to 75% of its debt, the percentage necessary for the judge to validate his new plan to pay its liabilities.
In recent days and hours contacts between banks, and between them and the company, have been virtually continuous. Based on these sources, the company draws the improving economy and the real estate sector and workforce of 3,000 employees Martinsa to help institutions to join the plan.
Martinsa Fadesa filed last December 30 before the Commercial Court of A Coruña demand for reform of creditors’ agreement with that in March 2011 exceeded the biggest contest of the Spanish corporate history, in the absence of liquidity to face the payment schedule for debt which established.
The company could not meet the repayment of 23% of its debt stipulated for last December 31, and also has pending the December 2013 payment.
However, it raised its plan to the judge without first reaching an agreement with banks, given that the proposal did not finish them convincing.
In this recent Supreme Court ruling joined rejecting the claim 1,500 million that the company had raised the old managers Fadesa, financial institutions consider that further compromises the viability of real estate, it must also bear the costs of about 50 million euros of this trial.
DEBT SWAP FOR SHARES AND ASSETS.
In its reform agreement Martinsa offers banks make up 70% of its share capital through a specific procedure and timetable debt capitalization and attend 30% of liabilities by an exchange of real estate assets.
The company headed by Fernando Martin asked the judge to reform its debt repayment plan under the reform of the Bankruptcy Act the Government approved in September 2014.No But for court approval must add a percentage of Accession of the creditor banks of 75%.
Martinsa had negotiated over a year without reaching any agreement, but the lack of agreement led the company to recall the judge unilaterally its new agreement ‘in extremis’, on December 30, a day before having to face the second default of agreement currently in force, which would have undertaken the Settlement
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