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Re: COSTA ESURI - AYAMONTE
Originally Posted by Carol&John
(Post 6078426)
Hi Matt,
That's a great idea, too, about the charity. Would an honesty box work? "Honest Bob's Books";) |
Re: COSTA ESURI - AYAMONTE
Originally Posted by BobD
(Post 6078543)
Those who know me might consider that 'Honest' Bobs Books could be a misnomer !
Perhaps your post about a game of golf and organising a "fiddle"might give people the wrong impression? Over in CE 30th March to 4th April.Love to meet up for a game. Do you still have my mobile no?PM me if not. Tony |
Re: COSTA ESURI - AYAMONTE
Originally Posted by BobD
(Post 6078543)
Those who know me might consider that 'Honest' Bobs Books could be a misnomer !
Carol |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Carol&John
(Post 6078617)
We haven't met, but your "reputation" (see under your avatar) does need a boost. So, karma on it's way (if I am allowed to give it...):D
Carol Tony, text on its way to you. Anyone else who wants to join us for a game, please PM me. Regards |
Re: COSTA ESURI - AYAMONTE
Originally Posted by A & M
(Post 6075850)
We asked ADA a few weeks ago about the Rago 1 position. They told us that Fadesa had nominated them as managers of the community (or whatever the correct phrase is) but that the community had not yet been "constituted" so there was nothing to pay. the invited us to register our details with them, which we did. We gave our UK address for correspondence so that we don't arrive in CE one day to find that we owe masses of community charge arrears(we had read JDR's sound advice on this topic).
Once you have registered with them, they seem to send you a monthly newsletter. The latest one states that they have been informed by Martinsa Fadesa that the remedial works to the common areas of Rago 1 will be starting "next month" i.e. April. We seem to have heard that one before, though..... |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Yvonne King
(Post 6078742)
We were told the same about the community fees. I'm reluctant to give them my bank details until things are sorted.
FADESA IS IN SERIOUS CASH FLOW PROBLEMS http://uk.reuters.com/article/rbssFi...70578620080305 AND WORSE http://www.reuters.com/article/rbssF...62552920080317 THERE ARE STEPS THAT CAN BE TAKEN TO PROTECT OUR POSITION.....THE MORE OF US THE CHEAPER. IT IS UNLIKELY THAT FADESA WILL HAVE THE FUNDS FOR THE RAGO 1 IMPROVEMENTS FOR WORK TO START THIS MONTH. IF ANY ESURIANS WANT TO JOIN FORCES PLEASE PM ME |
Re: COSTA ESURI - AYAMONTE
I have read the news releases. It looks like they are simply trying to restructure their debt. It doesnt say that this wont happen. It also states that they have other means by which to pay the debt.
Not ideal, I agree, but not a disaster. |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Andy Barton
(Post 6080550)
I have read the news releases. It looks like they are simply trying to restructure their debt. It doesnt say that this wont happen. It also states that they have other means by which to pay the debt.
Not ideal, I agree, but not a disaster. They are currently fire selling assets...see thier web site. You do not pay the mortgage....you have problems. Fadesa doesn't pay up fadesa has problems. Simply put fadesa's future is in the hands of the banks....so thats ok...nothing to worry about there then... |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Yorkshire Scratcher
(Post 6080925)
Disagree.
They are currently fire selling assets...see thier web site. You do not pay the mortgage....you have problems. Fadesa doesn't pay up fadesa has problems. Simply put fadesa's future is in the hands of the banks....so thats ok...nothing to worry about there then... Watch this space - if anyone is in the market for a very cheeky offer on one of the completed new builds that Fadesa still own/have unsold, then now is the time to act as their cash flow is screwed, albeit the same as the rest of the world at present. |
Re: COSTA ESURI - AYAMONTE
1 Attachment(s)
Originally Posted by Yorkshire Scratcher
(Post 6080925)
Disagree.
They are currently fire selling assets...see thier web site. You do not pay the mortgage....you have problems. Fadesa doesn't pay up fadesa has problems. Simply put fadesa's future is in the hands of the banks....so thats ok...nothing to worry about there then... This is a story that The Oracle has been following for some months. It is a long planned for debt that they knew about as far back as late 2006 when the Martinsa merger was coming up. The merger both knew would result in large debts and much of last year was spent putting the new company together for its Dec '07 official launch and part of that was looking at ways of immediately reducing the debt the new company would be taking on. The selling of the hotel arm for example has long been in the pipeline |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Fortaleza
(Post 6081393)
This is a story that The Oracle has been following for some months.
It is a long planned for debt that they knew about as far back as late 2006 when the Martinsa merger was coming up. The merger both knew would result in large debts and much of last year was spent putting the new company together for its Dec '07 official launch and part of that was looking at ways of immediately reducing the debt the new company would be taking on. The selling of the hotel arm for example has long been in the pipeline But since the original finance deal the landscape has changed. Property values have fallen, sales have fallen and the credit crunch. If you refinance fadesa what is the value of the security? Homes illegally occupied with no mains electricity? What is their value? Poor quality Rago 1 work what is thier value? Sales with no completions because of poor work and no electricity what is their value? I do not know what the cahnces are of fadesa not refinancing by 26 March 2008.....I see it as a major risk. What happens if the banks pull the plug on 26 March 2008. Look at Rago 1....no mains electricity....are we in legal occupation (who did what wrong for owners to complete in this situation?). If fadesa goes pop who pays for the electricity to be delivered to Rago 1....the poor soles who have completed? Who supplies the temporary generator and deisel? Bottom line is the few owners who have completed are at risk. The true test in a situation like this is....could you sell your property on Rago 1 as matters stand. Yes things may work out. A proper developer may buy Fadesa at a knock down (please Lendlease). Fadesa may muddle on. But then again the summer we were hoping for may not happen......someone is to blame for this and putting owners at risk. |
Re: COSTA ESURI - AYAMONTE
If you read the press release carefully it tells you that they have financed their debt through several banks. All but one ( an international bank) have agreed to refinace the debt. They have asked for an extension to the repayment date so that they can finalise the deal. There is nothing in there to say that they are going bust. If they refinance then they can carry out more completion works and get more money in. It also says that if they dont refinance they have other funds that they can use.
To increase the term over which the debt is repaid is understandable when sales are slow. It doesnt mean the end of the company. Remember the banks can see that by refinancing the debt this will allow Fadesa to complete on lots of properties and generate a lot of cash flow. |
Re: COSTA ESURI - AYAMONTE
Just back from CE to check out the work on 'Albatros' and have a look to see how the site is progressing.
Had a walk around Golf 2, it was looking very challenging and almost ready for playing. However, i did note one small problem with the connecting underpass below the road, just beyond 'Rago 1'. This is on the line of some pretty serious looking water courses. Dry at the moment, but in flood the underpass looks as if it will become a culvert for the water and possibly get silted up making it impassable with a buggy. Watched the temporary clubhouse being removed from the car park and off site. No idea what the arrangements will be for tickets once the course is open. However, it looks like an area has been prepared for some facility, behind the Gas Tank, overlooking what i guess are the 9th and 18th holes. With regard to electricity, i was given April the 16th for connection at 'Albatros' and that 'Pinos Golf' was presently being connected. Any advance on that anyone? I can post some photographs around 'Albatros' if anyone is interested |
Re: COSTA ESURI - AYAMONTE
Originally Posted by stevep
(Post 6083638)
Just back from CE to check out the work on 'Albatros' and have a look to see how the site is progressing.
Had a walk around Golf 2, it was looking very challenging and almost ready for playing. However, i did note one small problem with the connecting underpass below the road, just beyond 'Rago 1'. This is on the line of some pretty serious looking water courses. Dry at the moment, but in flood the underpass looks as if it will become a culvert for the water and possibly get silted up making it impassable with a buggy. Watched the temporary clubhouse being removed from the car park and off site. No idea what the arrangements will be for tickets once the course is open. However, it looks like an area has been prepared for some facility, behind the Gas Tank, overlooking what i guess are the 9th and 18th holes. With regard to electricity, i was given April the 16th for connection at 'Albatros' and that 'Pinos Golf' was presently being connected. Any advance on that anyone? I can post some photographs around 'Albatros' if anyone is interested |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Andy Barton
(Post 6083239)
If you read the press release carefully it tells you that they have financed their debt through several banks. All but one ( an international bank) have agreed to refinace the debt. They have asked for an extension to the repayment date so that they can finalise the deal. There is nothing in there to say that they are going bust. If they refinance then they can carry out more completion works and get more money in. It also says that if they dont refinance they have other funds that they can use.
To increase the term over which the debt is repaid is understandable when sales are slow. It doesnt mean the end of the company. Remember the banks can see that by refinancing the debt this will allow Fadesa to complete on lots of properties and generate a lot of cash flow. No bank has yet agreed to finance the debt. All that has been agreed are the outline terms....this is speak for a lot remains to be done. The only agreement that was reached was to waive the payment of this months payment....for which one international fund disagreed. For the Spanish stock exchange to make an announcement as it has is a warning to investors. That said your enthusiasm is refreshing. |
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