×

Warning

JUser: :_load: Unable to load user with ID: 162

  

Facebook SF Abogados Twitter SF Abogados Linkedin SF Abogados

  

Friday, 31 July 2015 07:37

Hong Kong financial bid for the remains of Martinsa Fadesa

Financial EMS Capital Management with representation in Spain and based in Hong Kong, has referred to the Bankruptcy Administration and the Commercial Court 1 of Corunna, a letter of intent to purchase 100% of the shares of Martinsa Fadesa, a company in liquidation.

The letter of intent states that the company is EMS Capital Management Ltd would be acting as a representative of a large fund whose name has not transpired yet.

According to David Figueras, representative of Iberian Key, firm that advises financial, it has reported that the purchase intent is based on an interest to launch back to the company, taking it to develop its corporate purpose of business.

Figueras also recalled that EMS Capital Management Ltd has been in a very early stage in terms of the information available as to be talking about some economic value. Once you have all the relevant information by the bankruptcy administration will proceed to make a 'due diligence' that can throw a realistic about the stage, knowing however that the volume of assets of Martinsa Fadesa, the amount of the purchase amount to several hundred million euros.

ON SALE

The realtor who founded Fernando Martin, in his day one of the flagships of the sector in Spain, is currently in liquidation. Both the so-called bank 'bad' (the SAREB) as CaixaBank and Bankia, the entities that comprise most of the 5,600 million financial debt (total liabilities exceeds 6,300 million), consider that the lack of liquidity of the housing prevents any alternative. And it is that none of the 45 banks involved in the process has given new funding.

That was the alternative presented by Martin in late December, after exhausting the second consecutive year unable to meet outstanding debt payments. Its main, however, the solution was to creditors accepted a debt reduction of 70% and the rest was funded them in the medium term with the sale of real estate assets.

But the bank suspicious from the beginning of a plan submitted 'in extremis', without a real assessment (at market prices) heritage that still retains Martinsa, which branded a "very credible" because even kept the millionaire salary of his controversial President also going to maintain power. What we expect now the judge is to initiate a process of orderly liquidation, although they have already provisioned the unpaid debt.

Digital Newspaper Finanzas