The Commercial Court of A Coruña gives the liquidation of the estate and reset to their receivers
MADRID, 6 (IRIN)
The Commercial Court has issued Coruna opening the liquidation of Martinsa Fadesa, after the reform proposal submitted by the real estate agreement “not achieve the required percentage of accessions” and the company itself requested settlement.
The order issued Friday, Judge Pablo González-Carreró also ordered the opening of the sectional qualifying competition.
That is, Judge opens parallel to the liquidation process that will determine the causes of Martinsa has failed to meet the creditors who agreed in 2011 and the “responsibilities that might arise.”
Martinsa Fadesa and fair settlement undertaken four years after the March 11, 2011 managed to emerge from that is considered greater bankruptcy of the Spanish corporate history.
In its order that opens this settlement, Judge Mercantil de A Coruña withdraws the management company controlled and chaired by Fenando Martin to its current managers and ordered the reinstatement of the receivers that the company had during the three years of this bankruptcy proceeding to which you elected in July 2008 .
This is Angel Martin Torres, representing KPMG; Antonio Moreno, representing attorney Bankinter and Antonia Magdaleno.
Once the three administrators accept the charge, the judge will set them within fifteen days to submit a liquidation plan for the property.
Also, since “time elapsed” since developed its insolvency administrators report of the company, the Court asked them to present an updated inventory of company assets. In addition, within three months must submit an updated list of the creditors of the company.
The court, in addition to the settlement of Martinsa Fadesa, delivers its subsidiaries Town Planning Consultants, Fercler, Jafemade , Inomar and Real Estate Marplus.
‘HOLE’ OF 4,603 MILLION.
Martinsa and begin its liquidation after closing the year 2014 with a “patrimonial hole ‘of 4.603 million euros, according recorded in the 2014 earnings report recently submitted by the company to the CNMV.
In particular, it has valued at 2,392 million euros compared to liabilities of EUR 6.995 million assets, of which 3,200 million corresponds to financial debt.
In addition to Spain, Martinsa Fadesa has activity in France, Morocco, Mexico, Romania, Poland, Czech Republic and Bulgaria, although the latter is also in liquidation.
A DECADE OF LIFE.
Martinsa Fadesa was established in late 2006, the result of the tender offer (IPO) that the company Fernando Martin launched to real-controlled Manuel Jove amounting to 4,000 million euros.
The high debt that the operation generated to the new company and the outbreak of the ‘housing bubble’ led to Martinsa to seek voluntary bankruptcy just two years later. Given the debt of 7,000 million that supported the company emerged as the largest of the Spanish corporate history.
The company surpassed the bankruptcy process in three years, thanks to the agreement reached with its banks in March 2011 . However, long duration of the crisis and the credit crunch prevented the company to generate liquidity to meet debt payments agreed.
MOTION ‘in extremis’.
Therefore, Martinsa Fadesa presented on December 30 before the Commercial Court of A Coruña, ‘in extremis’ without agreement with the banks, demand for reform arrangement with creditors, 2011.
The company offered to entities retain up to 70% stake in the company by capitalizing on its debt, but the plan failed the backing of at least 75% of creditors need to thrive, thus leaving the company doomed to Settlement
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