A local company of Benidorm prevents SAREB stays with skyscrapers INTEMPO

13/09/2016

Kono structures. This is called the company who can derail the plans of the Asset Management Company Originating from the Bank Restructuring (SAREB) to claim the residential megarrascacielos INTEMPO of Benidorm. This small company Alicante just half a hundred workers, in charge of finalizing the structure of the building and forced to close down before defaults Olga Urbana, the construction of INTEMPO, began some months ago a real court battle that is causing more than one quebradero head managers of so-called bad bank.

As a preferred creditor, SAREB exercised its right to improve the offer presented by this mammoth building within the settlement process Olga Urbana. Put on the table 58.5 million euros, improving the supply of 47 million by Gela -the only interested in the active- Management, but the award of the asset is totally paralyzed, waiting for the judicial storm clouds are resolved that currently they are facing three small creditors against the company with public capital. David against Goliath.
Kono Structures was founded by Mari Carmen Mascaro Fuster in March 2010 after the bankruptcy of the company in charge of lifting the metal frame of the building. With just 43 workers, he undertook to end its structure in 2012, and was forced to close down because they can not collect million euros owed Olga Urbana that year.
The struggle of this small company started after the adoption of the report on all credits and debts incurred by Olga Urbana qualified contest whose late 2014 asked the Sareb- itself. In that report, the bad bank is treated as a preferred creditor, so will be the first to collect debts when one of the two only assets owned by the construction company sells: INTEMPO, valued at 91.6 million euros, and Edimar promotion IX, valued at 3.3 million. In their struggle they joined shortly after INTEMPO architect, Roberto Pérez Wars, whom Olga Urbana owes nearly 120,000 euros, and one of the managers of the construction, Isidro Bononat.
¿Privileged or subordinate Creditor?
Kono Structures challenged the report demanding that credits the bad bank were considered subordinate, claiming that actually SAREB was de facto director of the insolvent company, so that their claims should not be classified as privileged, but subordinates, as stipulated by the Concursal law. If the judge which already declared admissible their demand- gives reason to Kono Structures, SAREB not only would place the tail of a long list of nearly 140 creditors, but could become guilty of mismanagement that led to ruin Olga Urbana, with responsibilities that would follow, such as having to respond financially to creditors.
"Our claim was admissible in February 2016 and has been a real setback for public society, as it begins to see the incidental claims may prosper, as has happened so. But it is more, the judge may declare subordinated credit. If this were so, SAREB lose all rights as a preferred creditor holds, "says Mari Carmen Mascaro to El Confidencial.
"Furthermore, if the judge declares them your credit as a subordinate, it would be because he would have considered SAREB administrator fact the developer, which would mean that not only would lose rights as a creditor, but would gain responsibility from creditors if qualified contest guilty "adds Mascaro.
Although both the receivers of Olga Urbana as SAREB opposed the bankruptcy incident, a judge upheld the claim of Kono structures in February 2016 and set for October 24 holding the hearing, key date for small creditors and for SAREB, because if justice again to agree to Kono structures would place public society as a subordinate creditor, ie the queue to collect debts owed to Olga Urbana, and leave paper wet his offer of 58 , 5 million euros to keep the INTEMPO building.
The long court battle seems -can be extended over time for several years because both sides are willing to fight to the end. "I'll be up to the Supreme Court if necessary," says this newspaper Mari Carmen Fuster Mascaro. The bad bank, meanwhile, does not seem willing to throw in the towel. In fact, he challenged the insolvency administrator qualify as subordinated credit of 7.6 million euros, claiming "that 45% of its capital is public and the importance of SAREB in restructuring the Spanish financial system," under color Article 36.4 of the Law 9/2012, which states that "the credits transferred to the SAREB will not be qualified as subordinates in the context of a possible debtor competition".
The judge rejected arguments by considering that the bad bank loans do not have to have better condition than those of any other person other than SAREB "and only for the sake of protecting the investment of taxpayers."
While the legal battle is resolved, the entity headed by Jaime Echegoyen will remain owner of the debt, but not own the building. In fact, if SAREB finally lost its preferred creditor status, nothing would serve the 58.5 million euros that put on the table to keep INTEMPO that, in all probability, would be awarded to Gela Management, the only company that has submitted an offer of 47 million for the building, since, according consulted by the Confidential sources, the US fund TPG offered more than 50 million but did so after the deadline for the plan of bankruptcy liquidation, which would lack validity .
SAREB, owner of the debt but not Skyscraper
If so, more than a hundred-and concursal- administrator creditors could collect their debts of those 47 million euros, having to distribute the remaining amount among the SAREB and other subordinated creditors. That is, he would get a large loan could try to sell on the market to a third party, but without the candy of an asset as INTEMPO to back it up.
SAREB is the first creditor of Olga Urbana, with 108 million euros, of which 91 million are qualified with some kind of privilege and 7.6 are subordinate. In total, there are 137 creditors that total debts of more than 141 million euros, which include from individuals who bought any of its 269 homes to different companies linked to the construction performed various jobs in the skyscraper, through the Tax Agency, various financial institutions (Sabadell or Abanca) and SAREB own. With debts ranging from 4,500 euros to 108 million Urban Olga due to bad bank.
But how SAREB such debt inherited Olga Urbana? In 2005, the former Caixa Galicia lent to this construction 92 million euros for the construction of INTEMPO. The mortgage ended in Nova Caixa Galicia following the merger of the Galician boxes, and in 2012 passed into the hands of the publicly owned company, who even managed to invest 11 million euros in the building, which, according to the applicants also become the bad bank manager made and, therefore, responsible for the bankruptcy of Olga Urbana and also part of the debts.
Two years after 'inherit' said mortgage, the end of 2014, SAREB requested the bankruptcy of Olga Urbana. Just a few months later, the trustee report placed Kono Structures and virtually all creditors to queue when collect debts and bad bank first, unleashing the discomfort of creditors.