PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Spain's Realia requests insolvency, in advanced talks with banks
Spanish property group Realia, which said it expects negative cash flow of e406m in 2009, last month presented an insolvency request to the Spanish Mercantile Court, saying it owes e3m to e4m to small suppliers which it cannot pay. Realia, controlled by builder FCC and savings bank CajaMadrid, told the stock market watchdog CNMV that it has not paid the suppliers due to contractual discrepancies but added that it otherwise has no liquidity problems and has been honouring other debt obligations. The group this year faces debt expiries of e877m, some one-third of overall liabilities mostly related to development, and is in an advanced stage of negotiations with creditors on these expiries