COSTA ESURI - AYAMONTE
Jul 15th 2008 | 5:32 am
#2641
Forum Regular
Joined: Mar 2005
Posts: 67
From: Stafford
Re: COSTA ESURI - AYAMONTE
It seems to be a cross between Administration (UK) and chapter 11 (USA) - both of which protect the company from creditors while they trade the company out of the financial mess. Tradng while insolvent is a criminal offence - trading under protection is not (UK).
Spain is different - but the company still exists, and it can trade its way out by honouring its committments. Talk of creditors - pence in the £ as in a bankruptcy are incorrect - at least at this stage. I expect someone to come knocking soon for the final payment on the plot in order to complete. However, it looks like when we complete we will have to sit on it for a while (understatement). Lose your initial deposit money - or pay £55K balance for a front line plot on a golf course...hmmm...easy decision in my book. Cash is king at the moment - and they want cash!
Spain is different - but the company still exists, and it can trade its way out by honouring its committments. Talk of creditors - pence in the £ as in a bankruptcy are incorrect - at least at this stage. I expect someone to come knocking soon for the final payment on the plot in order to complete. However, it looks like when we complete we will have to sit on it for a while (understatement). Lose your initial deposit money - or pay £55K balance for a front line plot on a golf course...hmmm...easy decision in my book. Cash is king at the moment - and they want cash!
Yeah they failed to get the additional 150m credit, which is why they are now filing for the equivelant of bankruptcy with the Administrators.
They have 10bn in assets though compared to a 5.5bn debt, so I'm guessing the 42 banks will take control, and the people that are half way through
completing will just have to wait a bit longer than they had hoped.
The meeting at the golf club was full of real Spanish businessmen, and all in Spanish
Commercial Center was to be opening next spring, although they couldnt say whether april / may / june. This is going to be delayed now, as I suspect the Administrator will cease any further building on the site
for the forseeable future until a solution is found.
Jul 15th 2008 | 5:58 am
#2642
Banned
Joined: Dec 2006
Posts: 8,824
From: Living in a good place
Re: COSTA ESURI - AYAMONTE
I think Fadesas assets will be found to be somewhat overvalued!
Jul 15th 2008 | 6:04 am
#2643
Lost in BE Cyberspace
Joined: Jun 2005
Posts: 6,912
From: Puente Esuri
Jul 15th 2008 | 6:28 am
#2644
Forum Regular
Joined: May 2006
Posts: 34
Re: COSTA ESURI - AYAMONTE
i have been told today that fadesa have 80 projects going on in spain and are going to drop 30 of them and work with the others.There are going to be three administrators due to the size of the company but that could take time to get them in place.I was also told that until that happens it is business as usual even though there isnt any.
Jul 15th 2008 | 6:42 am
#2645
Forum Regular
Joined: Mar 2005
Posts: 184
Re: COSTA ESURI - AYAMONTE
i have been told today that fadesa have 80 projects going on in spain and are going to drop 30 of them and work with the others.There are going to be three administrators due to the size of the company but that could take time to get them in place.I was also told that until that happens it is business as usual even though there isnt any.
1. Anything they have not started will be canned.
2. Plots - only need final cash balance to complete - therefore high priority.
3. Anything in the process of completion with an order - will get completed.
4. Anything partially completed - with no order - assessed for priority.
4. Anything completed they have received money for - back of the queue (no snagging :-( etc
Hmmmm..
Jul 15th 2008 | 7:19 am
#2646
Forum Regular
Joined: Feb 2005
Posts: 69
From: South Coast Metro, CA
Re: COSTA ESURI - AYAMONTE
I don't think the commercial center at the top of the hill has got any further forward. There was a gentleman in there struggling with flat pack shelves.. but couldn't tell what kind of shop it would be.. the rest of the center was still all bricked up.. sorry for the quality, only had my mobile with me
Jul 15th 2008 | 7:23 am
#2647
Forum Regular
Joined: Feb 2005
Posts: 69
From: South Coast Metro, CA
Re: COSTA ESURI - AYAMONTE
The main commercial center wasn't much further forward either, although first time I have seen it in 'orange'.. quite like it actually!
The proposed opening in 'spring next year' maybe be put back a bit I guess, as there still seems to be quite a lot of work to do on it. 3rd photo shows the interior color schemes I'm guessing.. or someone was being artistic...
The proposed opening in 'spring next year' maybe be put back a bit I guess, as there still seems to be quite a lot of work to do on it. 3rd photo shows the interior color schemes I'm guessing.. or someone was being artistic...
Jul 15th 2008 | 7:51 am
#2648
Lost in BE Cyberspace
Joined: Jun 2005
Posts: 6,912
From: Puente Esuri
Re: COSTA ESURI - AYAMONTE
But is any body going to complete without an electricity supply and for months now they have been saying not me mate Endesa are responsible. I think they shot themselves in the foot by abrogating their responsibilty to hand over the plots as advertised with all utilities at the back of footpath ready to go.
Jul 15th 2008 | 7:57 am
#2649
Forum Regular
Joined: Mar 2005
Posts: 184
Re: COSTA ESURI - AYAMONTE
But is any body going to complete without an electricity supply and for months now they have been saying not me mate Endesa are responsible. I think they shot themselves in the foot by abrogating their responsibilty to hand over the plots as advertised with all utilities at the back of footpath ready to go.
Jul 15th 2008 | 8:07 am
#2650
Lost in BE Cyberspace
Joined: Jun 2005
Posts: 6,912
From: Puente Esuri
Re: COSTA ESURI - AYAMONTE
Good question. Paula contacted us and said electricity was now connected to our plot. If I were the administrator I mght well be doing a deal to get the electricity connected to all plots that are awaiting completion - the cash inflow from a deal is significant. Can people afford not to complete?
Jul 15th 2008 | 8:08 am
#2651
BE Enthusiast
Joined: Mar 2006
Posts: 537
From: Leeds, West Yorkshire and Tavira
Re: COSTA ESURI - AYAMONTE
Good question. Paula contacted us and said electricity was now connected to our plot. If I were the administrator I mght well be doing a deal to get the electricity connected to all plots that are awaiting completion - the cash inflow from a deal is significant. Can people afford not to complete?
Jul 15th 2008 | 8:23 am
#2652
Forum Regular
Joined: Mar 2005
Posts: 184
Re: COSTA ESURI - AYAMONTE
[QUOTE=CAROL ELIZABETH;6574647]We were told about a month ago that our Rago 1 was going to be connected by the end of the month and that was a big porkie wasn't it? Wanted us to complete there and then. We have had no honesty in the two and half years we have been waiting for our apartment. We were promised changes to the environment/car parking etc last year - what chance now?[/QUOTE
Personally speaking - I am only interested in one thing - protecting the assets that I have invested in CE (aka the deposit) and protecting the future position of that asset.
Personally speaking - I am only interested in one thing - protecting the assets that I have invested in CE (aka the deposit) and protecting the future position of that asset.
Jul 15th 2008 | 8:25 am
#2653
Forum Regular
Joined: Mar 2005
Posts: 184
Re: COSTA ESURI - AYAMONTE
Thats the best news I have heard all week it means that it is that bit cloer to me. I think the world has changed since Fadesa first said that plots were avaiable to complete. If they truly had been some would have completed some could have been forced under the terms of the contract and a rump would have hung out on affordability gounds. Now many more will be in the latter position and will cling to anything to keep their deposit intact and their options open.
Jul 15th 2008 | 10:14 am
#2654
Just Joined
Joined: Jan 2006
Posts: 22
Re: COSTA ESURI - AYAMONTE
By the way, yes, I have 'fixed' numerous items to wall and ceilings in Spain, the uk, and several other countries for that matter, but I did not realise my career history was the issue here.
Jul 15th 2008 | 10:37 am
#2655
Banned
Joined: Mar 2007
Posts: 1,380
From: inaskip
Re: COSTA ESURI - AYAMONTE
Comming fom liverpool I have plenty of experiance of this as you have to secure every thing from supergluing the front door mat to welding your wheel nuts on.
Last edited by betris; Jul 15th 2008 at 10:39 am.
