ronumaar ha scritto:
MADRID, July 11 (Reuters) - Spanish property company Martinsa Fadesa (MFAD.MC: Quote, Profile, Research, Stock Buzz) on Friday said it had asked creditor banks to waive until August 7 a requirement for it to obtain a loan for 150 million euros as part of a refinancing agreement.
In a regulatory filing, the company added that it had asked for the waiver because the deadline for obtaining the loan had expired.
The company's shares plunged on the news, and by 0842 GMT were down 7.16 percent at 13.61 euros, while the Madrid bourse's benchmark index was up 0.25 percent .IBEX.
"This is very bad news. It puts the refinancing deal at risk, and that is obviously weighing on the share price," a dealer said.
At the beginning of May Martinsa Fadesa said it had closed a deal to refinance 4 billion euros of debt -- out of a total of 5.1 billion -- and postpone the biggest payments until 2011.
Vedi in grassetto; agli inizi di maggio ha chiuso un accordo per rifinanziare 4 bilioni di euro di debiti su un totale di 5,1 e postporre i piu grandi pagamenti dopo il 2011.
Adesso dopo avere fatto questo accordo vuole con le banche finanziatrici su rimborsi da effettuare a luglio ottenere un accordo per postporli come debito di 150 milioni ulteriori?
Mi sembra molto Parmalat, con conti in ordine che chiedeva sempre prestiti obbligazionari. D'altra parte occorrerebbe poi domandarsi come fa ad avere debiti per 5,1 bilioni di euro (sappiamo la cifra cosa rappresenta?) non vorrei avesse fatto giochetti alla ricucci (alzare al doppio triplo il prezzo degli immobili e chiedere dei mutui sulle cifre gonfiate).
preciso preciso pure questo, Martinsa Fadesa è insolvente, in bancarotta
http://www.reuters.com/article/rbssRealEstateOperations/idUSL148990720080714?sp=true
UPDATE 5-Martinsa Fadesa to file for administration
MADRID/LONDON, July 14 (Reuters) - Spanish property company Martinsa Fadesa (MFAD.MC: Quote, Profile, Research, Stock Buzz) said it would file for administration after it failed to raise funds and meet debt payments, marking one of the biggest corporate failures in the country's history.
Martinsa Fadesa, with 5.4 billion euros ($8.48 billion) of debt, said the move was triggered by its failure to raise a 150 million euro loan -- a requisite of 4 billion euro refinancing agreement earlier this year.
Martinsa Fadesa had asked its 47 creditor banks for the deadline to be extended until Aug. 7.
"Filing for voluntary administration is the best way to avoid aggravating a crisis situation that could become irreversible and have serious repercussions on creditors and all shareholders' interests," the company said in a regulatory filing.
The company added in a statement that it would focus on selling assets to repay creditors, which include Caja Madrid, La Caixa, Ahorro Corporacion and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz).
"The company, along its administrators, will from now on focus in revenue-generating -- through the sale of assets and land management -- and restructuring the company so the project can be revived."
Martinsa Fadesa drew attention to its assets having been valued in June at 10.8 billion euros.
Martinsa Fadesa legal advisor Gomez Acebo had pushed for the company to file for insolvency to avoid further losses, whilst company board members had tried to save the company from insolvency, sources familiar with the situation told Reuters.
Martinsa Fadesa shares were suspended on Monday after the company said on Friday it had not been able to raise a 150 million euro loan, one of the conditions of an earlier 4 billion euro refinancing agreement, and asked its lenders for the deadline to be extended until Aug. 7.
The stock fell 34 percent on Friday and was suspended on Monday at a historic low of 7.3 euros, valuing the whole company at 680 million euros. Its debts total 5.4 billion euros.
REFINANCING
....
alura parte lo shortone
