Metrovacesa's majority shareholder, the Sanahuja family, is to give creditor banks a 54% stake in the Spanish real estate giant in a debt-for-equity deal. The Sanahujas, owner of more than 80% of Metrovacesa, said earlier on Tuesday in a regulatory filing that they were in 'advanced' talks with the banks. Although the banks were not named it is believed they include Banco Santander, Banco Bilbao Vizcaya Argentaria, Banco Espanol de Credito, Popular and Banesto and unlisted savings banks La Caixa and Caja Madrid.
Metrovacesa's majority shareholder, the Sanahuja family, is to give creditor banks a 54% stake in the Spanish real estate giant in a debt-for-equity deal. The Sanahujas, owner of more than 80% of Metrovacesa, said earlier on Tuesday in a regulatory filing that they were in 'advanced' talks with the banks. Although the banks were not named it is believed they include Banco Santander, Banco Bilbao Vizcaya Argentaria, Banco Espanol de Credito, Popular and Banesto and unlisted savings banks La Caixa and Caja Madrid.
The Sanahujas first announced in November that they could swap debt of over EUR 5 bn for more than 50% of the company.
Metrovacesa is the second Spanish property group this year to fall into the hands of its creditors, following Colonial in April. This week Habitat, a large Spanish developer, said it was filing for administration with debts of EUR 2.3 bn, adding to the previous collapses of Tremona and Martinsa Fadesa in July 2008.
