LegalToday

Por y para profesionales del Derecho

Portal jurídico de Aranzadi, por y para profesionales del Derecho

10/12/2022. 00:18:11

LegalToday

Por y para profesionales del Derecho

Barcelona Boutique scores complex €2B debt deal

TopLegalInternational

Ten-partner Spanish boutique Vialegis is advising long-term client the Sanahuja family on an intricate €2.1bn-plus restructuring of its debt.

Barcelona Boutique scores complex €2B debt deal

The instruction centres on the Sanahujas, a Barcelona-based family that has made a string of investments through holding company Cresa-Sacresa Group. The family has racked up debts of around €4bn, the bulk of which was from the high profile €14bn takeover of real estate giant Metrovacesa in 2007.  

The debt came from a syndicate of local banks, namely BBVA, Banesto, Banco Popular, Banco de Sabadell, Banco Santander and Caja Madrid. Earlier in the month the six banks and the family came to an agreement in which the Sanahujas would exchange a 54.75% stake in Metrovacesa in order to write off €2.1bn of debt.  

In addition, the syndicate has agreed to purchase a further 10.7% in Metrovacesa, with the family also getting a cash sum from the banks as well as cancelling some additional debts by assigning real estate assets. The complex deal – the latest in a line of restructurings for Spanish real estate firms – followed months of negotiations and will likely not close until January.   Long-standing adviser Vialegis is working for the Sanahuja family. The Barcelona-based firm, which also advised them on the initial takeover of Metrovacesa, has Pablo Usandizaga (pictured) leading the team.  

Madrid heavyweight Uria Menendez is working for the steering committee of the creditors. Madrid partner Carlos de Cárdenas is heading the team. The firm also worked on the original transaction, representing the sellers.

Are you interested in this article? You can also read it at the European legal market.

Valora este contenido.

Puntuación:

Sé el primero en puntuar este contenido.