ADA said the administrators for Fadesa have agreed to pay for the generator for a short time, and that ADA themselves will contact all owners on Rago1 asking them to pay for the upkeep of the generator. Hopefully everyone will agree to that and you won't need to move your guests!

Loretta

John, you know I only throw those remarks in for you!!!! It is totally erroneous. I KNOW that Costa Esuri isn't "on Sea"

But I'm pedant. (oops South Walians might mix that up with another nasty word better lock the door!)

What on earth are you talking about. I am a South Walian and have not got any idea what other word it could be confused with.

LONDON, July 17 (Reuters) - Spain's Martinsa Fadesa (MFAD.MC: Quote, Profile, Research) may not need to sell assets during its administration process if a new debt refinancing agreement is reached with creditors, a source involved in the situation told Reuters.

Under Spanish administration law, a deal now needs only 50 percent consensus to be reached, facilitating an agreement amongst creditors.

"We have to reach an agreement - if there's an agreement, it won't be necessary (to sell the assets)," the source said.

A judge in La Coruna, where Martinsa Fadesa filed for administration with 5.4 billion euros ($8.59 billion) of debt, will soon appoint three administrators, including one lawyer, one accountant and a creditors' representative, the source said.

The administrators will oversee the negotiations led by the company's board and its legal advisor, Gomez Acebo.

The Spanish administration process also allows the company to win discounts over its debt, of about 10 percent, nearing positions towards an agreement, which could also extend payment dates, the source said.

The international banks and hedge funds that imposed tough conditions on the company's failed restructuring agreement will now be left out -as the board will only need 50 percent approval on any deal- making a solution more likely, the source said.

Martinsa Fadesa's debt was opened to hedge and vulture funds after one of its lenders, U.S. investment bank Morgan Stanley (MS.N: Quote, Profile, Research) sold some of its debt to reduce risks.

My verry good mate is from south wales his name is baba and he is black do you know him.

That's what life down coal pits will do for you

Didn't they beat up a paediatrician in Cardiff because they thought he was something else

About as funny as having piles.

THIS IS A STATEMENT FROM MP SOLICTORS IN AYAMONTE RE THE FADESA ISSUE:

NOTE FROM MORÓN PENDÁS SOLICITORS S.L. CONCERNING THE SITUATION GENERATED BY THE MEETING OF CREDITORS (THE FILING OF VOLUNTARY ADMINISTRATION FOR CREDITOR PROTECTION) OF
MARTINSA- FADESA S.A


Regarding the events triggered at the request of the trading company MARTINSA-FADESA S.A. to file for VOLUNTARY ADMINISTRATION, MORÓN PENDÁS SOLICITORS declares the following:


1.- A Meeting of Creditors, under Spanish Law (LEY 22/2003 de 9 de julio) is designed to give protection to businesses, whose assets outweigh their debts, but cannot punctually meet their financial obligations.

2.- A Meeting of Creditors does not necessarily mean bankruptcy or asset freezing where it is supposed that assets have a superior value than the debt the company owes. Quite the opposite. The prime objective is to establish common ground between creditors and debtors with a view to securing two outcomes: one, satisfying the financial obligations of the company; two, the successful continuation of the company.

3.- The running of the administration of the company is obligated to manage said company in a fair and adequate way to achieve the objectives set out in the previous paragraph.

4.- MORÓN PENDÁS SOLICITORS is aware of the anxiety that this situation has caused its clients and suggests two important things:

a. Do not pay any attention to rumours, gossip or ill-advised comments that are found on internet forums [no dig intended at this site], spam emails and other unofficial, unchecked media.

b. Contact our office as a matter of urgency if you have any doubts or questions that need answering. For this purpose, we have allocated an email address exclusively dedicated to this issue from which you will receive information, legal explanations and state of play information regarding COSTA ESURI. Please include your full name, the property you bought and please tell us whether or not you have completed.

[email protected]

5.- From MORÓN PENDÁS SOLICITORS, we would like to reassure all our clients of our continued commitment to them. We continue to offer the best defence for your rights under the law to guarantee the protection of your investments, money already paid, and we will enforce the full extent of Spanish Law in order to minimise any possible fallout from the MARTINSA FADESA situation.

Very useful and much more informative than my solicitors. Thx

I am GOBSMACKED no mention of the discount offered via other Abrogado.

For those who might be interested in a discount I repost the note I posted earlier

"Fadesa has announced to the mass media about final decision for application for creditor´s meeting:

http://www.diariodecadiz.es/article/...nsafadesa.html

We have been contacted yesterday and today by a member of the company with some information for clients: mainly that they are open to negotiate a discount as they are still in control of the whole situation".

Anyone interested on knowing about this, please contact us at mldecastro at costaluzlawyers.es or marialuisa at costaluzlawyers.es

Best regards,

Maria L. de Castro

_______________________

Maria L. de Castro, JD, MA
Lawyer

You ungreatfull taffi.Its us scousers that keep your welch police force and the judiciary work force in employment.

More Flights to Faro!!! Ryanair are starting to fly from Liverpool, Midlands & Glasgow on 28th October.