Spanish property company Martin Fadesa has announced that its creditor banks have agreed to delay the payment date of its approximately EUR 362 mln debt until 26 March. The company is attempting to restructure its entire EUR 5.1 bn debt load and has agreed with almost all its creditors, who part financed its acquisition of Fadesa Inmobiliaria. The exceptions are the overseas funds involved in the syndicate. The company stated that it expects an agreement to be reached by ‘no later than March 26’.
Spanish property company Martin Fadesa has announced that its creditor banks have agreed to delay the payment date of its approximately EUR 362 mln debt until 26 March. The company is attempting to restructure its entire EUR 5.1 bn debt load and has agreed with almost all its creditors, who part financed its acquisition of Fadesa Inmobiliaria. The exceptions are the overseas funds involved in the syndicate. The company stated that it expects an agreement to be reached by ‘no later than March 26’.
Martinsa acquired Fadesa in September 2006 for approximately EUR 4 bn, quadrupling its land holdings during a boom in the Spanish property market. The EUR 4 bn loan for the deal was taken out in April 2007 and has since been cut down to around EUR 2.6 bn.
