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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

EsuriJohn

I have been watching the Aura Real Estate site all day but no news yet except that Sareb has been meeting to discus what their position might be.

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Liam found that article in El Pais

No agreement but the judge has asked for an orderly disposal

Michaelh

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.

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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.

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The Banks Reject Martinsa's Plan And Plunge It Into Liquidation | Aura Real Estate Experts

Paco

I hope new investors are coming to CE. Hopefully in a short time !

EsuriJohn

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.

EsuriJohn

Got to agree with you there Paulo was the one person at Fadesa we could trust back in 2004 and she helped us right through the purchase process all the way to 2006. As the Americans say above and beyond the requirement of her job. Hope that if she wants it she becomes the mainstay of futher developments in the move forward of ESURI.

olivia

I don't think any bank unrepresented at the time the liquidator was called in can do anything to hold up or stop the sale of any part of the assets if they 'The Receiver' have a buyer, they can sell. They are in charge now. Those 'other banks' will just have to line up at the end for their payment of 'Cents to the the Euro of debt' along with those banks who forced the liquidation. Unpaid wages first, Tax/Revenue next, Secured Creditors i.e. Banks next. Unsecured Creditors last.

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Martinsa's Board Approves The Liquidation Of The RE Company | Aura Real Estate Experts

EMR

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 ??

Teed Up

In 2014, Martinsa Fadesa employed 150 people (161 people in 2013). Last year, the group incurred staff costs amounting to €14.3 million (€12.9 million in 2013 -

Wow that's some hourly rate??,or very big bonuses!!!.

Ken.

pablovicente

I am afraid it won't be in a short time.

MikeJ

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?