Llanera is the first large Spanish real estate group to overcome bankruptcy proceedings

2009年9月18日

The Llanera group is the first large real estate group to overcome bankruptcy proceedings, after a positive outcome at its Creditors Meeting this morning. LLANERA, S.L., LLANERA URBANISMO E INMOBILIARIA, S.L.U., and PATRIMONIAL ARENALL, S.L.U., all belonging to the LLANERA group, have come out of the bankruptcy proceedings declared on October 2, 2007. The receivers will cease their functions as soon as the judgment approving the creditors’ settlement is issued.

LLANERA, S.L., LLANERA URBANISMO E INMOBILIARIA, S.L.U., PATRIMONIAL ARENALL, S.L.U., and ALDALONDO, S.L.U. held their Creditors Meeting today in the event room of Valencia’s Ciudad de la Justicia.

The results of the voting taken at the Creditors Meeting are as follows: (i) LLANERA, S.L.’s settlement involves an acquittance of 35% and consecutive payments for eight years; 74% of the company’s ordinary creditors voted in favor; (ii) LLANERA URBANISMO E INMOBILIARIA, S.L.U.’s settlement involves an acquittance of 50% and consecutive payments for eight years; 63.6% of the ordinary creditors voted in favor; and (iii) PATRIMONIAL ARENALL, S.L.’s settlement involves an acquittance of 25% and consecutive payments for eight years; 96% of ordinary creditors voted in favor. ALDALONDO, S.L.U. did not approve the settlement proposal that had been presented in court.

After the Creditors Meeting and the voting in favor of the settlements for LLANERA, S.L., LLANERA URBANISMO E INMOBILIARIA, S.L.U., and PATRIMONIAL ARENALL, S.L.U., the group assures that its parent company and main companies will continue to operate, and that it will continue with its real estate, urban development and concession activities.

This makes LLANERA, S.L., LLANERA URBANISMO E INMOBILIARIA, S.L.U., and PATRIMONIAL ARENALL, S.L.U. the first large real estate group to overcome bankruptcy proceedings, almost two years after declaring bankruptcy. A team of lawyers from CUATRECASAS, GONÇALVES PEREIRA, under the direction of Manuel Monzó Salas, a partner in the firm’s litigation practice, advised the LLANERA group throughout the proceedings. 

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