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31 May 2012
Frankfurt am Main, Germany
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- Property Debt Breakfast
20 June 2012
London
Spain's Espais in asset swap to cut E630m debt
Barcelona's struggling Espais, one of Spain's largest property developers, has refinanced E630m of debt by ceding assets to creditor banks in exchange for debt reduction and liquidity, cutting its burden to E160m. The swap is linked to a new viability plan to avoid receivership. Espais is also present in France, Poland and the US - and owns the Alma Hotels chain.