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Spain's Metrovacesa creditors take 54.7 pct stake

Published 01/30/2009, 03:52 PM
Updated 01/30/2009, 03:56 PM
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MADRID, Jan 30 (Reuters) - Creditor banks have agreed to take a 54.7 percent stake in exchange for debt in Metrovacesa , a spokesman for the leading shareholders in the Spanish property company said on Friday.

The Sanahuja family owns 80 percent of Metrovacesa and held debts of 2.09 billion euros ($2.69 billion) with six banks: BBVA , Banesto , Popular , Sabadell , Santander and unlisted Caja Madrid.

The Sanahuja spokesman added that the banks would each take a stake of 9 percent, while the Sanahuja family would retain more than 20 percent and a seat on the board.

The deal will not take effect until after Metrovacesa posts its earnings for 2008 in February, and the Sanahujas are still in talks to restructure outstanding debts with Barclays and Spain's largest unlisted bank, La Caixa. (Reporting by Andres Gonzalez; Writing by Martin Roberts)

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