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Husa Emerges From Bankruptcy After €130M Reprieve

Posted by: In: Real Estate 28 Jul 2015 Comments: 0 Tags: , , , , , , , , , , ,
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28 July 2015 – Expansión

Yesterday, Husa managed to secure the support of its two main creditors, Deutsche Bank and Banco Sabadell, for its proposed agreement to exit from the bankruptcy proceedings that it has been immersed in for the last year and a half.

The hotel chain owned by the former President of FC Barcelona, Joan Gaspart (pictured above), will surrender assets worth €80 million to the banks and others worth a further €25 million to the public administrations. A discount of more than 95% will be applied to its ordinary loans, which amount to more than €90 million.

Twelve companies filed for creditors bankruptcy in total, of which eight will go into liquidation, leaving an unpaid balance of €40 million, therefore, in total, the company will benefit from a “reprieve” of around €130 million.

Yesterday, at the creditors’ meeting for four of the group’s companies, Husa secured sufficient support for two of them: Hostelería Unida 2 and Jardines de Albia. Hostelería Unida is expected to also secure sufficient support (based on the agreements made yesterday and the support it expects to receive by post from the overseas financial institutions). A fourth company, Solsibu, is still waiting to secure sufficient support.

Creditors

Husa won the support of its two large creditors only: Deutsche Bank and Sabadell. The other creditors that participated in the meeting yesterday, such as the Social Security, the Tax Authorities and other suppliers of the group, all voted against the proposed agreement.

One of them, the company Denbolan, which operates in the temporary work sector, spoke at the meeting, stating that it would appeal against the proposed agreement. “It is regrettable that the law is designed in such a way so as to inflict the most harm on small creditors”, said its legal representative.

After the meeting, the President of the Husa Group, Joan Gaspart, said that he was “saddened by the gravity of the situation”, but also “grateful and hopeful about the future”.

The former President of Barça is hopeful that the support received yesterday will represent “a second chance” for Husa, which will work in collaboration with its new partner, Park Street. (…).

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

The post Husa Emerges From Bankruptcy After €130M Reprieve appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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