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Martinsa proceeds on liquidation to be sold a shopping center in Budapest

Economics / Mergers: Martinsa proceeds on liquidation to be sold a shopping center in Budapest
The receivers of Martinsa Fadesa has gone a step further in the process of liquidation of the estate to announce the offering for sale of the assets that the company has in Hungary.
It is an office building located in the center of Budapest which also has a sales area of 7,000 square meters on the ground floor and 227 parking spaces.
The current management of the company that controlled Fernando Martin advance that this asset will "soon" for sale on the website enabled for the settlement process.
This is the second large block of assets that managers will go on sale after recently launching 33 lots of assets across Spain, for which interested investors have until next October 8 to submit bids.
Hungary is one of the international markets in which Martinsa Fadesa had activity, along with France, Morocco, Mexico, Romania, Poland, Czech Republic and Bulgaria.
Administrators move in this way in the settlement of property six months after the last March the Commercial Court Coruna dictate the liquidation of the company.
The company was doomed to liquidation since it could not refinance its debt of 3,200 million euros or renegotiate the agreement with creditors in 2011 had managed to overcome the biggest bankruptcy in history to extend the payment of such debt.
According to data submitted by the very Martinsa Fadesa to the National Securities Market Commission (CNMV), at the end of 2014 the company had a 'patrimonial hole' of 4.603 million euros. Specifically, it had valued at 2,392 million euros to address total liabilities of 6.995 million euros, of which 3.200 million are bank borrowings assets.
Source: MADRID, September 21, 2015 (EUROPA PRESS)