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Home > Litigation > Aifos Avoids Second Forced Administration Procedure

Aifos Avoids Second Forced Administration Procedure

February 27th, 2009

Today, Thursday 26th of February, was the scheduled day for the hearing on Aifos’ second proposed administration procedure. Only minutes before the hearing was to take place before Malaga’s Mercantile Court Number 1, Aifos’ legal representatives striked an agreement (http://es NULL.html) with the legal representatives of the petitioner. Aifos’ lawyers provided guarantees of payment that amounted to €311,000 which were accepted.

Mr Enrique Bujidos, an Aifos’ representative, declared to the press they had hired PricewaterhouseCoopers (PwC) to refinance the ailing developer and help it stand back on its own feet. Thirteen banks have already shown their interest in providing a syndicated loan to the developer as well as adjourn pending repayments.

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