Press Release
Martinsa-Fadesa goes into voluntary
administration to guarantee continuity of the
company
This process only affects Martinsa-Fadesa, S.A., in Spain, and not the international
branches in the other countries that we are present, which will continue to operate as
normal
Madrid 16th July 2008.- Martinsa-Fadesa’s board of directors took the decision to go
into voluntary administration with the ultimate objective of guaranteeing continuity and
proceeding with the financial reorganisation of the company.
This decision has been taken in light of the financial difficulties we have been
experiencing as a result of not obtaining 150 million euros credit, which was included in
the business plan, and it was necessary to obtain liquidity and to continue developing
our projects as expected.
Martinsa-Fadesa’s board of directors have initiated these proceedings as soon as they
had certainty of this credit not being granted, to thus avoid any future damage to the
employees, creditors, clients and shareholders.
As such, the Chairman of Martinsa –Fadesa and the members of the board of directors
will continue to lead the company.
I
t is important to note that the measures we are adopting in this process will allow us to
solve the problems of liquidity and clear our debts in the shortest time possible.
Martinsa-Fadesa, under the above mentioned administrators supervision, will focus all
its efforts, from now, on activities such as generating income through selling assets, land
management and those which will allow the company to re-structure and adapt to
current market needs, which will enable the company to relaunch its projects as soon as
this process is over.
Martinsa- Fadesa is aware of the impact that a measure like this will have on its clients,
providers and small shareholders as well as the Spanish property sector in particular
and the Spanish economy in general. This is why the company, responsibly, assumes
the commitment of working intensely to overcome this situation as soon as possible and
asks for the support of financial institutions and understanding from clients, providers
and shareholders.
Note to the editor
Martinsa-Fadesa is one of the major European Real Estate companies specialised in
development of first and second real estate projects and with assets in hotel projects and
commercial centres linked to the residential activities. Martinsa-Fadesa has a portfolio of more
than 173,000 houses and owns land of approximately 27.5 million Sq.m of buildable land.
Martinsa-Fadesa is one the main European companies with international presence in Spain,
Portugal, France, Morocco, Mexico, Dominican Republic, Romania, Hungary, Poland, Bulgaria,
Czech Republic and Slovakia as well as commercial offices in the UK, Ireland and Germany
For more informartion
Arturo Pinedo / Luis González
LLORENTE & CUENCA
Tel. 00 34 91 5637722
apinedo@llorenteycuenca.com
lgonzalez@llorenteycuenca.com