Legal tip 1248. 3,2,1 to Martinsa- Fadesa´s liquidation-- Actions against Banks opened
Sunday, December 28, 2014 @ 7:37 PM
Martinsa Fadesa has until Wednesday December 31 to reach an agreement with its creditor banks in regards to debt of 3,500 million euros to prevent the liquidation of the company. MF overcame the higher creditor´s meeting procedure of history back in 2011.
On December 31st, Martinsa-Fadesa must pay a percentage of the debt (23%), as established in the creditors' agreement .The default of this debt payment would throw Martinsa Fadesa to liquidation, since it would be the second consecutive breach of said agreement.
Company is negotiating with its 14 creditor banks the possibility for the bank to control 70% of the company and leave the remaining 30% in the hands of its president and current prime shareholder, Fernando Martin, and his partner Antonio Martín.
Not to forget much of the business Martinsa Fadesa did was off plan with total breach of guaranteeing obligations according to Law 57/67... so if liquidation came, route to act against Banks will be open and clear.
Juzcar, Málaga, South east Spain