Yorkshire Scratcher

FADESA DEBT LATEST

Sorry to offend Fortaleza.....who likes only happy news....but this is the latest.

"LONDON, March 26 (Reuters) - Talks to reach a deal to save Spanish real estate company Martinsa Fadesa (MFAD.MC: Quote, Profile, Research) from insolvency remain "very difficult," a source close to the talks said on Wednesday."

Lets hope the deal gets done!

http://www.reuters.com/article/rbssF...93310720080326

Carol&John

jdr, come on now, surely all that is water under the bridge? When did the CE thread start? 2005 or earlier? Wasn't that even BEFORE the Malaya or Ballena cases?
Regards,
Carol

Carol&John

Hola Chris,
Did you look for curcuma, or azafran de las indias?
Carol

derek and margaret

Fadesa given a few more days but spokesman says things looking a lot more positive for reaching agreement.

Carol&John

Hi derek & margaret,
Is Donald Trump still around in your neck of the woods?
Carol

tonyp

Now there's a thought.Donald Trump the new owner of Costa Esuri

Tony

jamesf

Now says deal likely to be done:

http://www.reuters.com/article/rbssF...00502020080326

derek and margaret

Hi Carol,
It is still ongoing but a lot of mud slinging going on between the different parties. I think the next hearing is in June, but local lad Paul Lawrie ( ex open champ ) applied for a similar type plan, golf course, houses etc. and it sailed thro`first time, which did not please Mr Trump very much.
Four weeks till we make the move to C.E. getting a bit nervous.

Yorkshire Scratcher

Sounds like it is just the fine detail to be decided....I guess this is to do with the extra funds for the Rago 1 remedial works.

EsuriJohn

Carol I remember when I joined this thread just after part 1 was closed and I read back on all the problems at Chiclana. No electricity and no prospect of getting any, people running generators, solar water heating and solar electricity. It made me determined to be sure everything was a OK for my plot. I have checked and checked again and to be sure the whole development is legal (not without some scares along the way from the environmentalists).

My little development is legal all the right pieces of paper are in my file here, my architects file in Ayamonte, the banks file the land registry in fact everywhere they should be.

However we and others are not out of the woods yet, some plots have electricity at their boundary and some do not, mine is one of those. It is the same for some town houses and some apartments. For the large concentrations Fadesa is providing a very large generator and paying for the maintenance and running costs. Not so for the isolated plots a tiny generator is all they have offered my builder and no costs.

If Fadesa go down who will pick up those cost? there seems to be some sort of ongoing dispute between Fadesa and Endesa about the permanent provision of electricity to those buyers, it is chicken and egg if there is enough demand Endesa will provide if not it will arrive sometime.

If not, like us, they seem to be saying they will make it available in their own good time. I am absolutely certain that if we finish the build in strict accordance with the approved plan that my architect will award the completion certificate The builder will then be able to get the LFO from the Ayuntamiento he can then apply for the legal water, gas and electricity connections. The first two can be connected right away but electricity is just not there so until Endesa provide we cannot have and therefore we cannot apply for the Habitation Certificate (the final seal of approval).

So like many others in Spain I will have a perfectly legal house with no mains electricity because like so many areas in Spain the infrastructure is just not good enough.

When I said I was going to complete on the plot in Feb 2007 jdr said don't but I did because it would be at least 12 months before it was to be ready. Well we are looking at Oct for moving and that will be 20 months but I am not certain that Endesa will have got to us so what do we do then?

CAROL ELIZABETH

If Fadesa went bust where would it leave those of us who have yet to complete - i.e. we don't actually own anywhere as yet but have tens of thousands invested so far. Does the bank guarantee I have read about on here but never seen any confirmation of in writing actually provide any security?

Unfortunately all this is not really about being doom and gloom merchants - it is actally about facts. Having set up a google alert on Fadesa I understand things have not gone well.

jamesf

I would imagine the receivers would come after you for the remaining cash as soon as possible.

They would want that money so they can pay all of the suppliers to Fadesa that need the cash.

Having said that, that's how it would work in England and Spain is always different.

As for me, I complete this week. So I'm in the same boat.

If they go bust then it may be impossible for me to get the aircon and white goods I'm supposed to get so I'm not ending with the total dream.

Lets hope it doesn't happen, though longer term it might not be such a bad thing. But at the moment I'm not too doom and gloom about it.

Also our signed contracts are assets that would be attractive to potential new owners also.

You/I haven't invested in a company but in a property. Hopefully that contract will carry forward.

A & M

More confirmation that the Martinsa Fadesa refinancing deal appears to be in the bag, though no doubt a lot of fine detail to be worked out in the next few days.

See http://www.hemscott.com/news/latest-...62130997015342

marisol

Hello,
I think you shouldn't be worried about anything. The houses are almost finished and they are property of the bank. You have to pay to the bank not to Fadesa.

Fortaleza

IT'S ALL DOOMED, I TELL YOU, DOOMED!!!!!!!