スペインのマドリッドの市役所住宅会社:EMVS(Empresa Municipalde la Vivienda)は破産のために18棟の1860建の社会福祉住宅を1000万0000ユーロの損失で3800万0000ユーロで売却の予定。
La EMVS malvende 1.860 pisos protegidos
Se declara insolvente y salda 18 edificios con fuertes pérdidas
Los inquilinos deberán negociar con los compradores
Precisa 200 millones con urgencia para evitar la quiebra
Bruno García Gallo Madrid 30 MAY 2013 - 08:46 CET
The 1,860 undersell EMVS protected flats
Becomes insolvent and settles 18 buildings with heavy losses
Tenants must negotiate with buyers
Accurate 200 million urgently to avoid bankruptcy
Bruno Garcia Gallo Madrid 30 MAY 2013 - 8:46 CET
An advertisement published in El Pais on May 3 sealed the fate of 18 buildings with 1,860 social protection floors, occupied by under 35 years with a reduced rent the Municipal Housing Company (SLA) has decided to sell to investors. If all goes as planned, this emergency operation (should be closed in two weeks) will join 38 million euros. It is, however, a move ruinous: the municipal lose 10 million by selling the floors below their value.
This is the first of a cascade of increasingly desperate measures to revive the SLA. The rescue plan presented to the municipal area of Finance presents an ultimatum: either the City buys land worth 233 million euros and 196 million injected other 2017, or will be urged a bankruptcy and finally liquidate the company. Since the powers currently are municipal housing, the City should assume once undersold the remaining ground and floors to pay creditors.
The viability plan EMVS, which has had access COUNTRY, part of PricewaterhouseCoopers analysis, which concluded the company is not viable, has an unsustainable debt, its staff is oversized and suffers severe liquidity problems. To "put on financial equilibrium" has designed a "plan of action" of five points, which must be validated even by Treasury.
Source: Company Muncipal Housing and Land. / COUNTRY
1. Sell 1,860 homes. The SLA has 6,152 rental homes, of which 1,860 sold to raise cash. They are protected housing: investors acquiring buildings shall maintain these reduced rents for a few years, then, can charge what they see fit. Those tenants (652) with a purchase option must negotiate with them, although there will be a maximum price. For the SLA is a ruinous business: lost rental income, housing and places for 120 million when the book value is 162 million. After discounting the mortgage debt (81 million), it will be 38 million for emergency expenses, but have lost 10 million.
Two. The floor, City Hall. The plan to place the City EMVS 20 parcels valued at 166 million but with a mortgage debt of 234 million. To cover the difference (the floor has depreciated), added to the other 13 plots treated with no mortgage.
Three. Renegotiate the debt. These two operations allow the SLA to reduce its debt from 626 to 315 million. To relieve the rest, aims to use the lack of three years approved by the Government for distressed homeowners. At that time, hopefully get rid of all their property for sale (2,450). But in the meantime, trust with the banks renegotiate mortgage debt hanging over the flats for sale (160 million).
The SLA must also 28 million to the City and three more to regional IVIMA, who hopes to defer to weather the storm.
April. Finance the work. The municipal company has 14 ongoing developments with a total of 1,542 flats by end. Six of them are underfunded, and now get is impossible because the SLA is now considered part of the public sector and therefore can not borrow more. To achieve the 69 million it needs to complete the work, sign the plan goes through short-term debt, taking advantage of the works should end this year, and go novándola to sell the apartments, or obtain a permit from the Ministry of Finance to subscribe loans.
The former mayor Gallardón, in a promotion in 2011 in Vallecas. / L. Sevillano
May. Avoid an ERE. The SLA has parked his project cut the workforce from 338 to 38 employees. The viability plan contemplates without interim spaces 46, which, along with forced or voluntary leave of absence, leave the template in 268 people, with a saving of 13.5 million.
Although fulfilling all the assumptions of the viability plan, the SLA Hall need extra help to avoid bankruptcy and dissolution. The company needs 144 million in municipal subsidies to avoid "incurring losses too high" by 2017. In addition, their plight treasury "means the need for the following additional contributions": 52 million by 2015. That is, the City would have to take over a mortgage of 234 million per floor and also inject 196 million euros. What if?
moreLiquid bottle housing companyProperties of the Municipal Housing Madrid
The company presents three scenarios: if you want to maintain the current functions, "the only viable" is delaying payments to banks and suppliers. Failure to do so (PricewaterhouseCoopers considered "complicated"), it would initiate bankruptcy "in order to avoid, among other circumstances, the liability of directors and managers" (including several councilors).
Finally, we urge the dissolution and liquidation of the company, paying off their assets to meet debts. That scenario raises "a change in the form of public service management", which became the City direct competition, as has raised the socialist city spokesman Jaime Lissavetzky. Bet EMVS Lissavetzky to transform into a municipal housing agency, thus preventing its social function is made subject to the attainment of benefits, and further proposed that the City Council to move all your assets. Also calls for working with rescued banks to create a bag of social rented flats.
Lissavetzky proposes a housing agency
Although fulfilling all the assumptions of the viability plan, the SLA Hall need extra help to avoid bankruptcy and dissolution. The company needs 144 million in municipal subsidies to avoid "incurring losses too high" by 2017. In addition, their plight treasury "means the need for the following additional contributions": 52 million by 2015. That is, the City would have to take over a mortgage of 234 million per floor and also inject 196 million euros. What if?
The company presents three scenarios: if you want to maintain the current functions, "the only viable" is delaying payments to banks and suppliers. Failure to do so (PricewaterhouseCoopers considered "complicated"), it would initiate bankruptcy "in order to avoid, among other circumstances, the liability of directors and managers" (including several councilors).
Finally, we urge the dissolution and liquidation of the company, paying off their assets to meet debts. That scenario raises "a change in the form of public service management", which became the City direct competition, as has raised the socialist city spokesman Jaime Lissavetzky. Bet EMVS Lissavetzky to transform into a municipal housing agency, thus preventing its social function is made subject to the attainment of benefits, and further proposed that the City Council to move all your assets. Also calls for working with rescued banks to create a bag of social rented flats.
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