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Thursday, June 7, 2012

Llorente Bankia to delay trading in credit

The Valencia CF win a few more months to try to close the urban operation that allows settling the Mestalla mortgages and get funding to complete work on the new stadium. That was yesterday by President Manuel Llorente.
First Bankia offices in Valencia, where he was gathering information. Later, after the submission of Mauricio Pellegrino, traveled to Madrid to try to close as soon as possible deferral of the 225 million that expires on June 26.
They did a year ago, but then there was less uncertainty, the relationship between the VCF and Bancaja was much closer and more direct than now and all parties were generally more optimistic.
Refinanced debt for one year with the same conditions until then Euribor +2.5 points, thinking it would be time enough to settle the problem, but that has not happened.
A few months ago that the club understood that, however well they were things, future operating Bankia not arrive in time to cancel the credit, much more after the problems experienced by the bank. So they went to work for a new innovation of credit which in principle would be close to fruition.
The postponement of the credit for another year, which is the purpose for which it has worked, is a lifeline that will allow the club to continue working to liquidate by operation designed by the firm Newcoval. In return, you will pay a year between 15 and 16 million euros in interest. It also has a notary fees, registration, agency and bank charges are quite important in charge of Valencia.
The FoundationThey are two separate issues, but the president's agenda and Bankia is also responsible for finding the best possible solution for the VCF Foundation credit for signing the majority stake in the capital. The difference is that the Foundation can not assume even the interest.

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