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Home > Litigation > Aifos Faces Its Second Forced Administration Procedure

Aifos Faces Its Second Forced Administration Procedure

January 15th, 2009

The companies DICO Obras y Construcciones, DHO Infraestructuras and Obrum, three of the Aifos numerous creditors, have requested before Málaga’s Mercantile Court number one a forced administration procedure as result of the funds they are owed, in total more than €540,000 €.

This is the second time creditors request Aifos administration. The first time (http://www NULL.marbella-lawyers NULL.com/wordpress/aifos-faces-a-forced-administration-procedure/) was last November, but the Mercantile judge turned down (http://www NULL.marbella-lawyers NULL.com/wordpress/aifos-creditor-petition-for-administration-procedure-turned-down/) the creditors petition of a forced administration procedure because they had been unable to prove Aifos’ alleged delicate financial situation.

In Spain, companies undergoing a dire financial situation can either initiate voluntarily an administration procedure or else one of their creditors may force it. The latter has been the case. In such procedures, the creditors who force them benefit from a privilege to recover 25% of their debt in the event of a successful procedure.

Aifos owes 850 million Euro (718 million GBP). It’s largest creditors are Banco Popular with 200 million Euros, followed by Banco Pastor with 33 million Euros. Another 96 companies form part of the creditors list to which Aifos has been owing funds for the last 2 years.

Aifos has currently employed 2,000 workers.

Source: Cotizalia (http://www NULL.cotizalia NULL.com/cache/2009/01/12/noticias_83_proveedores_solicitan_concurso_acreedores_inmobiliaria NULL.html)

(http://www NULL.cotizalia NULL.com/cache/2009/01/12/noticias_83_proveedores_solicitan_concurso_acreedores_inmobiliaria NULL.html)

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