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Home > Property > Aifos Faces a Forced Administration Procedure

Aifos Faces a Forced Administration Procedure

November 24th, 2008

Gestión de Obras y Reformas, S.L., one of the numerous creditors of Spanish developer Aifos, has initiated before Málaga’s Mercantile Court number one a forced administration procedure as result of the money it is owed. In Spain companies undergoing a difficult financial situation can either initiate voluntarily an administration procedure or else one of their creditors may force it. The latter has been the case.

Aifos owes 850 million Euros (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.

IMPORTANT: all our AIFOS clients have been sent a newsletter on this issue on Tuesday 25th of November. If you haven’t received yours or are unable to open the attachment please contact us. (http://www NULL.marbella-lawyers

Source: El Economista Financial Newspaper (http://www NULL.eleconomista NULL.html)

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