Madrid, March 2 (EFE) .- The Board of Directors of Martinsa-Fadesa today agreed to request the opening of the liquidation process before the rejection of financial institutions creditor to its new proposed agreement, the company reported tonight at the Comisión Nacional del Mercado de Valores (CNMV).
On March 11, 2011, the commercial court number 1 of La Coruña approved real estate plan to pay 7,200 million of debt within up to 10 years and lift the bankruptcy, but the breaches thereof and illiquidity finally led to the settlement.
Last Thursday the large creditor entities of real refused to subscribe to the latest proposal presented by arrangement with creditors Martinsa president Fernando Martin in late 2014 in an attempt to gain time to save the company.
The decision of banks assumed de facto liquidation of the company, a preferred option for entities in view of the lack of liquidity which has the property and to perform liquidation under court supervision, which will enable to know the value real assets and pay creditors with the proceeds.
The creditor financial institutions interpreted the latest proposal with creditors made by Fernando Martín was not viable and saw it as a supply of funds amounting 6,000 million euros to the employer.
Martinsa had announced a year that could not cope with a payment of an annuity arrangement with creditors (about 35 million) and makes just before beating another term Pay Martinsa presented its new proposed agreement.
The illiquidity of real estate has been further aggravated by the recent Supreme Court ruling that while he has rejected arguments Martinsa, requesting to former managers Fadesa 1,576,000 of compensation, has been ordered to pay 60 million euros for costs
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