Martinsa Fadesa
#31
BE Enthusiast
Thread Starter
Joined: Nov 2007
Location: Ayamonte
Posts: 876
Re: Martinsa Fadesa
Hopefully this is the start of a new story for Esuri
La banca rechaza el plan de Martinsa Fadesa y la aboca a la liquidación | Economía | EL PAÍS
La banca rechaza el plan de Martinsa Fadesa y la aboca a la liquidación | Economía | EL PAÍS
#32
Re: Martinsa Fadesa
Hopefully this is the start of a new story for Esuri
La banca rechaza el plan de Martinsa Fadesa y la aboca a la liquidación | Economía | EL PAÍS
La banca rechaza el plan de Martinsa Fadesa y la aboca a la liquidación | Economía | EL PAÍS
#34
Luz Living
Joined: Nov 2004
Location: Ayamonte
Posts: 333
Re: Martinsa Fadesa
John the Aura Real Estate site publishes articles in english that are released in the Spanish press. It may show up today. Martinsa Fadesa has indeed gone into liquidation no surprise there. Only 70 workers left and sorry to see that the local Martinsa Fadesa worker will soon no longer be working for them. Would be nice to think that the liquidator snaps her up.
#35
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Joined: Nov 2007
Location: Ayamonte
Posts: 876
Re: Martinsa Fadesa
http://www.farodevigo.es/economia/20...n/1191803.html
Here is a translation
Martinsa Fadesa falls after starring in the biggest bankruptcy process in Spain
With a debt of 3,500 million signing Fernando Martin has failed to support its banks refloating plan
Europe Press 26.02.2015 | 19:36
Fernando Martín
Fernando Martín
Martinsa Fadesa has been doomed to liquidation after none of its major creditor banks acceded to the new proposal raised by property agreement to tackle the debt of 3,500 million euros that supports, according to Europa Press on expert sources of trading.
The property that controls and presides Fernando Martín and faces liquidation after in March 2011 managed to overcome the biggest bankruptcy in Spanish corporate history.
However, four years after Martinsa was forced to propose a reform of the agreement with which he managed to emerge from this trial in the absence of liquidity to meet debt payments that fixed.
The housing reform presented this request last December 30, 2014 before the Commercial Court of A Coruña, which given until this February 26th for banks to state whether or not to accept the proposal, which required a backup of at least 75% of creditors.
After completing the run, no major creditor banks of real estate, which include the SAREB, CaixaBank, Abanca and Banco Popular, has joined the plan, according to Europa Press in sources familiar with the process. Thus, the company is doomed to liquidation.
Here is a translation
Martinsa Fadesa falls after starring in the biggest bankruptcy process in Spain
With a debt of 3,500 million signing Fernando Martin has failed to support its banks refloating plan
Europe Press 26.02.2015 | 19:36
Fernando Martín
Fernando Martín
Martinsa Fadesa has been doomed to liquidation after none of its major creditor banks acceded to the new proposal raised by property agreement to tackle the debt of 3,500 million euros that supports, according to Europa Press on expert sources of trading.
The property that controls and presides Fernando Martín and faces liquidation after in March 2011 managed to overcome the biggest bankruptcy in Spanish corporate history.
However, four years after Martinsa was forced to propose a reform of the agreement with which he managed to emerge from this trial in the absence of liquidity to meet debt payments that fixed.
The housing reform presented this request last December 30, 2014 before the Commercial Court of A Coruña, which given until this February 26th for banks to state whether or not to accept the proposal, which required a backup of at least 75% of creditors.
After completing the run, no major creditor banks of real estate, which include the SAREB, CaixaBank, Abanca and Banco Popular, has joined the plan, according to Europa Press in sources familiar with the process. Thus, the company is doomed to liquidation.
#37
Forum Regular
Joined: May 2006
Posts: 62
Re: Martinsa Fadesa
I hope new investors are coming to CE. Hopefully in a short time !
#38
Re: Martinsa Fadesa
Yes that's the new dilemma is it better the devil we know (Fadesa) or the unknown banks who will now scrabble for the bits they have mortgages on to sell on. SAREB will no doubt get the rest. The Tasa development which is our biggest eyesore was not part of the original FADESA development and I hope SAREB get that one and knock it down.
The golf clubhouse and the two courses together with the hotel should be our biggest concern. It would be too much to hope that they are all mortgaged to the same entity bank and that that bank has the same desire as us to sell to the "best" bidder so that a smooth transition can take place as early as possible.
The golf clubhouse has recently settled into its old status of being the CENTER of the social scene on Esuri, we have lunched there 3 times and dined twice in the last few weeks and the experience has been good. There is now a regular quiz night each week and a bingo night once a month. There is burgeoning golf scene with competitions, roll ups and lessons so we don't want the baby thrown out with the bath water.
The golf clubhouse and the two courses together with the hotel should be our biggest concern. It would be too much to hope that they are all mortgaged to the same entity bank and that that bank has the same desire as us to sell to the "best" bidder so that a smooth transition can take place as early as possible.
The golf clubhouse has recently settled into its old status of being the CENTER of the social scene on Esuri, we have lunched there 3 times and dined twice in the last few weeks and the experience has been good. There is now a regular quiz night each week and a bingo night once a month. There is burgeoning golf scene with competitions, roll ups and lessons so we don't want the baby thrown out with the bath water.
#39
Re: Martinsa Fadesa
John the Aura Real Estate site publishes articles in english that are released in the Spanish press. It may show up today. Martinsa Fadesa has indeed gone into liquidation no surprise there. Only 70 workers left and sorry to see that the local Martinsa Fadesa worker will soon no longer be working for them. Would be nice to think that the liquidator snaps her up.
#40
BE Enthusiast
Joined: Nov 2005
Posts: 943
Re: Martinsa Fadesa
Yes that's the new dilemma is it better the devil we know (Fadesa) or the unknown banks who will now scrabble for the bits they have mortgages on to sell on. SAREB will no doubt get the rest. The Tasa development which is our biggest eyesore was not part of the original FADESA development and I hope SAREB get that one and knock it down.
The golf clubhouse and the two courses together with the hotel should be our biggest concern. It would be too much to hope that they are all mortgaged to the same entity bank and that that bank has the same desire as us to sell to the "best" bidder so that a smooth transition can take place as early as possible.
The golf clubhouse has recently settled into its old status of being the CENTER of the social scene on Esuri, we have lunched there 3 times and dined twice in the last few weeks and the experience has been good. There is now a regular quiz night each week and a bingo night once a month. There is burgeoning golf scene with competitions, roll ups and lessons so we don't want the baby thrown out with the bath water.
The golf clubhouse and the two courses together with the hotel should be our biggest concern. It would be too much to hope that they are all mortgaged to the same entity bank and that that bank has the same desire as us to sell to the "best" bidder so that a smooth transition can take place as early as possible.
The golf clubhouse has recently settled into its old status of being the CENTER of the social scene on Esuri, we have lunched there 3 times and dined twice in the last few weeks and the experience has been good. There is now a regular quiz night each week and a bingo night once a month. There is burgeoning golf scene with competitions, roll ups and lessons so we don't want the baby thrown out with the bath water.
#42
Banned
Joined: Oct 2012
Posts: 26,724
Re: Martinsa Fadesa
Were Fadesa still " active " in Portugal. The Algarve has a small number of derelict and half finised developments that were started by Spanish companies.
How far will the ripples from the Fadesa liquidation spread ??
How far will the ripples from the Fadesa liquidation spread ??
#43
Re: Martinsa Fadesa
Wow that's some hourly rate??,or very big bonuses!!!.
Ken.
#45
Re: Martinsa Fadesa
Way do you think this? Do you have any new information. It was thought that there were a number of interested parties waiting for the news of liquidation before making an offer to the liquidator. Or do you just mean that there may be an appeal? Or that the liquidation process may take a long time?