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Spanish Insolvency Proceedings Drop to Three-Year Low on Economy

The number of Spanish companies seeking protection from creditors has fallen to the lowest in three years as the economy recovers and changes to the nation’s bankruptcy rules help heavily-indebted borrowers, Bloomberg News reported yesterday. Insolvency ...

Daily Headline - abi_admin - 08/08/2014 - 11:03 - 0 comments

Telepizza Dodges Debt Restructuring With New Loan Refinancing

Struggling Spanish pizza delivery business Telepizza is set to refinance existing loans with a new first lien loan and a new Payment In Kind (PIK) loan that will help it escape an expensive debt restructuring, banking sources said on Tuesday, Reuters rep ...

Daily Headline - global.abi.org - 07/30/2014 - 22:08 - 0 comments

Spanish Unemployment Falls As Business Picks Up For Banks

A strong start to the tourist season helped Spain’s unemployment rate fall to its lowest in two years while two banks with large local customer bases said business had picked up, fuelling hopes the country’s economic revival is gathering pace, the Iris ...

Daily Headline - global.abi.org - 07/24/2014 - 22:09 - 0 comments

Spain Sells Catalunya Banc to BBVA for $1.6 Billion

Spain has taken an important step toward completing the cleanup of its banking sector by selling the state-owned Catalunya Banc to BBVA for 1.19 billion euros, or $1.6 billion, the International New York Times DealBook blog reported. The sale, announ ...

Daily Headline - global.abi.org - 07/22/2014 - 21:46 - 0 comments

BBVA Wins Auction for Catalunya Banc

Banco Bilbao Vizcaya Argentaria SA won an auction to buy nationalized bank Catalunya Banc SA, Spain's bank-rescue fund said Monday, The Wall Street Journal reported. Spain's second-largest bank by market capitalization offered to pay €1.2 b ...

Daily Headline - global.abi.org - 07/21/2014 - 18:49 - 0 comments

Spain Gets More Time To Keep Motorway Debt Off Books

Creditors of a bankrupt Spanish motorway business delayed a meeting to decide whether to liquidate it on Friday, two sources close to the talks said, giving the government more time to find a way to prevent billions in debt going on to its books, Reuters ...

Daily Headline - global.abi.org - 07/20/2014 - 17:48 - 0 comments

Spain Looks For Way To Keep Motorway Firms' Debt Off Its Books

Creditors of a bankrupt Spanish motorway business will meet on Friday to decide whether to liquidate it, piling pressure on the government to come up with a way to avoid billions of debt from nine failed toll road companies ending up on its books, Reuter ...

Daily Headline - global.abi.org - 07/17/2014 - 21:24 - 0 comments

Espírito Santo Unit Rioforte to File for Creditor Protection

Espírito Santo International SA's main unit, Rioforte Investments, is preparing to file for creditor protection in Luxembourg because of mounting pressure to repay debt with funds it doesn't have, The Wall Street Journal reported. In the la ...

Daily Headline - global.abi.org - 07/15/2014 - 21:27 - 0 comments

Spain's Gowex Files For Bankruptcy, Ex-CEO Could Face 10 Years In Jail

Spanish wireless networks provider Gowex filed for bankruptcy on Monday, a week after an accounting fraud at the firm was revealed, while the High Court said its founder could face a jail sentence of more than 10 years. Law firm Velez & Urbina said G ...

Daily Headline - global.abi.org - 07/14/2014 - 19:54 - 0 comments

Spain's Gowex Starts Insolvency Proceedings, Ex-CEO Charged

Spanish wireless networks provider Gowex, at the heart of an accounting scandal that has hit Spain's reputation among investors, started insolvency proceedings on Thursday, giving it four months to reach a deal with creditors or face bankruptcy. Spa ...

Daily Headline - global.abi.org - 07/10/2014 - 23:01 - 0 comments

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