Creditors agree to Martinsa-Fadesa debt repayment schedule

Martinsa-Fadesa, the Spanish property company, has announced that the majority of its creditors have agreed to the Company’s proposal of debt repayment schedule.

Martinsa-Fadesa’s debt repayment plan has been backed so far by 54 percent of its creditors, including the Spanish banks: Caja Madrid, La Caixa, Popular, Bancaja, Caixa Catalunya and Caixa Galicia. This percentage could rise in the next few weeks as more debtors sign on to the deal. Spanish law requires the company to win the approval of 50 % of creditors.

Martinsa-Fadesa is to repay 2% of a syndicated loan of over 5 billion euros before May 2010 and 3 percent in 2011. Repayments will rise to 25 percent in 2015 and 2016.

The developer claims its CEE activities are not impacted directly by developments in Spain.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s