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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. One piece of advice to Mr F would be to ensure all the utilities are connected - I am sure there will be plot buyers wanting to take advantage of keener prices on the builds - and this would be a good thing. |
Re: COSTA ESURI - AYAMONTE
Originally Posted by GerryW
(Post 6086260)
As the old saying goes, if you owe the bank a thousand, you have aproblem, if you owe them £10 mill they have a problem. Its in the interests of all the players to re-structure the debt. The banks want to ensure the value of the underlying assets does not depreciate markedly, and Big F want to complete off CE and get near to existing market value from remaining properties. Sure Mr F may well be incentivised to sell properties cheaper than previously because property prices are softening - but panic - what does that achieve? Nothing. Time for a spot of bargain hunting possibly...
One piece of advice to Mr F would be to ensure all the utilities are connected - I am sure there will be plot buyers wanting to take advantage of keener prices on the builds - and this would be a good thing. |
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. Totallly agree. A debt restructure is not the same as 'Serious cash flow problems'. Companies restructure debt all the time. MF are huge by any stretch of the imagination. Anyway - the site is looking better all the time and MF have done an excellent job - its a massive undertaking. |
Re: COSTA ESURI - AYAMONTE
Originally Posted by John & Kath
(Post 6086299)
Couldn't agree more but how do we put pressure on MF to get the BL**DY leccy on. They glibly say end of the month every month since October. No sign yet and they now say it is all down to Endessa but we have no pull with Endessa who seem to behave just like a big bad nationalised company and you can't even talk to them. Just imagine the scenario where the "International Bank" is American and they have big problems at home they might just say no we want out no matter what. It could be the crack in the wall.
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Re: COSTA ESURI - AYAMONTE
Originally Posted by GerryW
(Post 6086352)
The only pressure is to withhold final payments. At the moment most plots must owe 50% of the original price - now - if you or I were in charge I am sure we would move mountains to get the leccy on! But we are not. I would expect any finance re-structure to have an agreement in place that expects a maximum release of funds at any point in time subject to 1) a maximum of Net Debt per the balance sheet or 2) Net Monthly cash Flow etc . In which case I would expect the pressure to come from the banks to incentivise Fadessa by way of this drawdown facility to get the money in and that means pressure on Endessa to turn the leccy on which means Fadessa gets its money! Anyway I am out there next week - I'll have a word with Mr F :-)
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Re: COSTA ESURI - AYAMONTE
Originally Posted by John & Kath
(Post 6086374)
I'm the plonker who paid up. You just tell Mr F to extractum digitum!
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Re: COSTA ESURI - AYAMONTE
Originally Posted by GerryW
(Post 6086301)
Totallly agree. A debt restructure is not the same as 'Serious cash flow problems'. Companies restructure debt all the time. MF are huge by any stretch of the imagination. Anyway - the site is looking better all the time and MF have done an excellent job - its a massive undertaking.
To be clear, if it walks like a duck and talks like a duck.....hey it is a duck. Fadesa has cash flow problems.... |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Yorkshire Scratcher
(Post 6086594)
I'm sorry but I disagree. Fadesa has not made an interest payment...it is fire selling assets....the spanish stock exchange gives a warning....Fadesa issues a warning on a sunday....it has been working on debt restructure since Dec with sime urgency and no deal done yet. 4 mid ranking spanish developers have gone pop.....it is seeking to extend payment terms with creditors.
To be clear, if it walks like a duck and talks like a duck.....hey it is a duck. Fadesa has cash flow problems.... Martinsa Fadesa shares were first quoted in late December. They opened at about Eur 17 per share, but fell to about 14 or 15 where they seem to have bumped along happily, on low trading volumes, until early Feb. They then rose a bit, reaching the issue price of 17 or so in late Feb, before dropping sharply back to 14 in the first week of March. But from Mar 10, they have jumped considerably, to just short of 20 Eur. Nearly 50% of that increase has been in the last 3 days (from just above 17 at close of business Fri 21, to 19.50 at present). Most of that rise occurred actually on Mon 17th, after an initial fall. You can all read into that what you wish, and no doubt you will, but you may feel entitled to take the view that the market appears to have reacted very positively indeed to some news it heard first thing on Mon 17th. |
Re: COSTA ESURI - AYAMONTE
Originally Posted by A & M
(Post 6089032)
I'm not sure the markets are quite so pessimistic.
Martinsa Fadesa shares were first quoted in late December. They opened at about Eur 17 per share, but fell to about 14 or 15 where they seem to have bumped along happily, on low trading volumes, until early Feb. They then rose a bit, reaching the issue price of 17 or so in late Feb, before dropping sharply back to 14 in the first week of March. But from Mar 10, they have jumped considerably, to just short of 20 Eur. Nearly 50% of that increase has been in the last 3 days (from just above 17 at close of business Fri 21, to 19.50 at present). Most of that rise occurred actually on Mon 17th, after an initial fall. You can all read into that what you wish, and no doubt you will, but you may feel entitled to take the view that the market appears to have reacted very positively indeed to some news it heard first thing on Mon 17th. This certainly presents things in a better light. |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Yorkshire Scratcher
(Post 6089928)
Thankyou for this.
This certainly presents things in a better light. |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Yorkshire Scratcher
(Post 6086594)
I'm sorry but I disagree. Fadesa has not made an interest payment...it is fire selling assets....the spanish stock exchange gives a warning....Fadesa issues a warning on a sunday....it has been working on debt restructure since Dec with sime urgency and no deal done yet. 4 mid ranking spanish developers have gone pop.....it is seeking to extend payment terms with creditors.
To be clear, if it walks like a duck and talks like a duck.....hey it is a duck. Fadesa has cash flow problems.... |
Re: COSTA ESURI - AYAMONTE
Originally Posted by Carol&John
(Post 6078387)
Hola! madcarole,
"harmony"? that was once a hair colouring, wasn't it?:D There have been times when the proverbial caca hits the ventilador... Regards, Carol (not quite mad, yet...;)) Yes, I know, I'm quoting myself...but, should I get out the big "brown" umbrella? Does this "cloud have a silver lining"? Would some people be "throwing the baby out with the bath water"? I am not being flippant. Karen's (billybassett's) post re: VPO I found very interesting, and our first thought was about the (possible) positive aspect towards CE as a community in the future. VPO is not a new concept, surely? I believe there have been/are similar schemes in the UK, and, for instance, in Austria (Vienna). Now, to end on a lighter note, has anyone noticed a "teenager" in our midst called jdr?;) Buenas noches mis esurianos, Carol |
Re: COSTA ESURI - AYAMONTE
You are all like the profits of doom..
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Re: COSTA ESURI - AYAMONTE
Originally Posted by betris
(Post 6090904)
You are all like the profits of doom..
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Re: COSTA ESURI - AYAMONTE
Originally Posted by betris
(Post 6090904)
You are all like the profits of doom..
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