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Husa Group Shown at Least €153.3 Mn in the Red

Posted by: In: Real Estate 30 Oct 2014 Comments: 0 Tags: , , , , , , , , , , ,

30/10/2014 – Cinco Dias

Six companies of the Husa group that are currently undergoing the brankruptcy process jointly show a €153.3 million financial deficit, states a report by the insolvency authorities of Barcelona.

The remainder proceeds from €68.5 million in assets and €221.8 million in accrued liabilities of the firms. Another €50 million shall be taken into consideration, deriving from pending lawsuits and claims. If all added up, the total debt of the group could amount to €202.6 million.

The group chaired by Joan Gaspart (pictured) shows a €221.8 million in the red, 40.2% owed to the Treasury and the Social Security, 26.4% to principal lenders: CaixaBank and Banco Sabadell, and the remaining 31.3% to general creditors.

Both the judge and other official receivers believe the debt may increase as more companies from the group are very likely to voluntarily present bankruptcy petitions.

Hosteleria Unida fell into insolvency in February this year and as a result several hotels were sold. Among them, the iconic Palace de Barcelona. Moreover, 300 employees lost their jobs.

The firm accrues the biggest deficit, €115.7 million, as it owns a €34.7 million worth of assets – initially declared to be worth €145 million – and €150.4 million in liabilities.

The other companies from the group that face tough financial situation are: CCIB Catering with €2.2 million in the red, Cadena Menta with €6.3 million, Banquetes Reunidos with €17.6 million, Hosteleria Unida Dos with €2.8 million and Jardines de Albia with €8.7 million. The penultimate one operates on normal basis, holding the Imperial Tarraco hotel.

The court foresees closing the Bankruptcy Order stage before the Christmas break and opening the creditors’ meeting just after that.

Original article: Cinco Días

Translation: AURA REE

The post Husa Group Shown at Least €153.3 Mn in the Red appeared first on Aura Real Estate Experts.

Source: AURA Real Estate Experts


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