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31 May 2012
Frankfurt am Main, Germany
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- Property Debt Breakfast
20 June 2012
London
Spain's Colonial convinces banks to extend, but developer Nozar fails
Spain's struggling property group Colonial has convinced banks to re-refinance debt for e7bn, covering almost 78% of its external financing amounting to e9bn. Separately however, developer Nozar has failed to agree with banks for more funding, and becomes the second largest corporate failure in Spain's history after Martinsa Fadesa. Colonial's formal and binding agreement, reached last month with a syndicate of foreign banks, extends debt into long-term finance of e6.5bn with maturity of five years. Nozar last month filed for administration with debts of e7bn. Owned by the Nozaleda family, Nozar had been in refinancing talks for months but failed to reach agreement with banks.