EMS Financial Capital Management, represented in Spain and based in Hong Kong, has provided the Bankruptcy Administration and the Commercial Court 1 of A Coruña, a letter of intent to purchase 100% of the shares in Martinsa Fadesa, a company in liquidation.
The letter of intent states that the compañía EMS Capital Management Ltd would be acting as a representative of a great background whose name has not transpired yet.
According to David Figueras, representative of Iberian Key, firm that advises financial, it is reported that the purchase intent is based on an interest to launch back to the company, bringing it to develop its objects of business.
Figueras has also noted that EMS Capital Management Ltd has been in a very early stage in terms of the information available as to be talking about some economic value. Once you have all the relevant information from the receivers will proceed to make a 'due diligence' that can throw a realistic about the stage, knowing however that the volume of assets of Martinsa Fadesa, the amount of the purchase amount to several hundred million euros.
Clearance
The realtor who founded Fernando Martin, in his day one of the flagships of the sector in Spain, is currently in liquidation. Both the bank called 'bad' (the SAREB) as CaixaBank and Bankia, the entities that comprise the bulk of the 5,600 million of financial debt (total liabilities exceeds 6,300 million), consider that the lack of liquidity of the housing prevents any alternative. And none of the 45 banks involved in the process has given new funding.
That was the alternative presented by Martin in late December, after exhausting the second consecutive year unable to meet outstanding debt payments. Its main, however, the solution was to creditors accept a haircut of 70% and the rest was funded them in the medium term with the sale of real estate assets.
But the bank was wary from the start of a plan submitted 'in extremis', without a real assessment (at market prices) heritage that still retains Martinsa, which branded a "very credible" because even kept the salary of his controversial millionaire President also going to maintain power. What we expect now the judge is to initiate a process of orderly liquidation, although they have already provisioned the unpaid debt.
