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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 to rejig finances again; banks see 90% ownership
Spain's struggling listed group Colonial has been forced to return to the negotiating table with its bank syndicate exactly one year after closing a refinancing agreement. The issue is that cash-flow is adequate to support debt of E2bn while liabilities total E6.3bn. If current talks lead to an agreement, the company's 10 syndicated bank debtors would end up with close to 90% of equity, according to media reports and PIE sources.