Vale da Rosa Revitalization Plan was approved by most creditors. Banks accepted debt forgiveness of several million. Spaniards will be with 85% of the group that produces grape without Grainha.
Vale da Rosa's recovery plan was approved by most creditors, including banks, who accepted a debt forgiveness of several million euros to give a second life to the grape producer without Grainha founded by Commander António Silvestre Ferreira, But now with a chapter under Spanish control.
The special revitalization process (PER) had the favorable vote of creditors representing about 92% VALLEY DA ROSA DEBT, excluding abstentions. In favor of the plan voted, for example, BCP, BPI and Agricultural Credit, the largest creditors, According to the process consulted by ECO. Tax authority and social security - that do not lose money - also endorsed.
But not all banks accepted the conditions of the, Santander Totta cases, General cash deposits (CGD) and Bankinter, that they vote to unfavorably, while the novobanco abstained.
The banks that approved the per, mostly, by the 'alternative a' of the plan, accepting debt forgiveness that will rise to several million euros, but recovering the remnant in the three months following the approval of the plan. Alternative B 'predicted a stretching of refund deadlines for a decade or more, but with the full payment of debts.
Beyond Vale da Rosa, with debts of 16 million, Also Uval and the Businessman himself in an individual name António Silvestre Ferreira advanced to per - these last two produce and provide the bought grape, processed and marketed by the first.
How Eco advanced, along with financial restructuring, the pero also includes a corporate reorganization of the entire group, which has more than 200 workers.
Right away with the entry of two new shareholders: The Spanish of Iberian Premium Fruits and Sanlucar Fruits, with industry experience, fact that facilitated the approval of the banks.
Last March, the two Spanish companies and Vale da Rosa entered into an agreement on a financing of 3,535 Millions of euros to “support operating costs†until June and ensure that this year's grape campaign runs without embarrassment.
With the approval of the per, This debt will be converted into capital, in an operation that will make 85% of the group pass to the hands of joint-venture Spanish, with the current partners - António Silvestre Ferreira and the four children - to remain in the shareholder structure with 15% Business.
Based in Ferreira do Alentejo, Vale da Rosa has been facing financial difficulties in recent years, crisis to which “structural and conjunctural†factors contributed, according to the company, including a significant increase in indebtedness and the loss of important customers, Like Jerónimo Martins and Lidl.
Source: eco.sapo.pt
