From what i can work out, six of its units have requested a payments suspension. I thought they are still trying to restructure, but they appear pretty doomed.
From what i have heard however, they owe us no money on the contract. Whether they have paid the get out fee, or will be able to pay the get out fee, i don't know.
But its safe to say we will have a new sponsor next season. As if getting promoted wasn't important enough anyway, this will add another one to the list of importance
Llanera were reported in the weekend FT to be "close to bankruptcy", but down doesn't mean out.
That was part of a general story about property prices falling across Spain and the Med particularly for second home owners, the story gave few details other than anecdotal stories about sellers flogging off their second homes for 10% less than the price they paid and that prices in Spain have stagnated for the last two years with a combination of over-supply and falling demand. This rang a bell...wasn't Simon Jordan boasting in that Times article a couple of weeks back about being in construction somewhere in Spain? I wonder if this will drag him down too?
Addicks aware of Llanera debt
Charlton have reacted to press speculation on Wednesday surrounding club sponsors Llanera.
A story in The Sun newspaper suggested the Spanish property firm have serious financial problems, which could result in Charlton losing millions of pounds.
Chief executive Peter Varney said: "We are aware that Llanera currently have financial difficulties and are working very closely with them.
"I must stress that it has not impacted upon us at all financially at present and we remain hopeful they will be able to resolve their current difficulties in consultation with their bank."
Llanera signed a four-and-a-half year £6.6m deal with the Addicks in December 2005, and The Sun has suggested that they are currently attempting to restructure a debt of £210m.
In Spain, demand for second homes on the Mediterranean coast has been softening for two years, according to estate agents. Many have reported a virtual standstill since May after a series of corruption scandals and a collapse in propertyrelated shares.
At least one mid-sized developer – Llanera – faces bankruptcy. One central bank official in Madrid said: “There is growing evidence that smaller real estate companies and house-builders who launched projects late in the cycle may have problems.
from Thomson Financial (today):
MADRID (Thomson Financial) - the construction and real estate group Valencian Llanera presented/displayed yesterday the request of voluntary aid of creditors before the impossibility to refinance long term its debt of 746 million euros, informs the Country mentioning a note into the Superior Court into Justice into the Valencian Community.
and from El Pais today:
The change of cycle in the Spanish real estate market has been received like first great victim to the company that maintained a balance more unstable. Six societies of the construction group and real estate Llanera, among them the matrix, presented/displayed yesterday the request of voluntary aid of creditors.
The aggressive strategy of ground purchase, over its rustic majority, directed to the sale of tourist houses to a reasonable price has also encountered over changes over the political management del Valencian urbanism and over the refusal of the banks to maintain an adventure that was had rampant, at a moment of unusual prudence, towards the business del brick. Llanera dragged liabilities of 746 million euros at the end of 2006 and uses to more than 600 workers
The court of the mercantile thing of Valencia received yesterday the voluntary request of aid of creditors presented/displayed by societies Llanera, SL, matrix of the group with seat in Xàtiva (Valencia), Llanera Construction and Works, Real estate Llanera Urbanism and, Aldalondo, Descans Them Marines and Patrimonial Arenall. A note of the Superior Court of Justice of the Valencian Community explains that the societies "base their request on the situation of imminent insolvency of each one of them and the group who form, and who have produced like effects the refusal of many financial organizations to structure the long term debt" that dragged.
Llanera essentially accumulated at the end of 2006 long term debts with financial organizations - Bancaja and Bank of Valencia of 301 million euros. And a short-term loan of the American investment bank Lehman Brothers of 148.3 million euros. Its liabilities reached the 746 million euros. In an official notice, Bancaja assured yesterday that the debt of the Llanera Group with the box "is around 92 million". And it maintained that 97% of that debt "count on the guarantees adapted in each case". In the loan of Lehman Brothers, 54 million are guaranteed by other organizations and the American bank has congealed an account of Llanera of 6 million. In addition, the initial guarantee of the credit is a land of 90 hectares in Kid (Valencia), informs Íñigo de Barrón.
Galician Fernando, advisory delegate of Llanera from 1998, attributed yesterday in a note the request of the aid to three causes. First, to "the evolution of the market of the house in Spain" due to the rise of types that causes a reduction of the credit to individuals and to promoters. Secondly, he gives the key: "the real estate activity has projects of long term maturation that have been financed in the short term". The attempts to renegotiate the debt have been uncultivated. The banks have hardened the credit to the sector by the change of national cycle and international the credit crisis that it has as epicenter the mortgages of high risk in the U.S.A..
Also it alludes to "a continued deterioration in the image of his solution" that it attributes to the "news appeared in means" from 2007 principles. According to the delegated advisor of Llanera, the insurers of credit, the financial organizations and the own suppliers of real estate him would have tightened the pins because of means.
But Carlos Martinez, managing director of Llanera, confessed a year ago that the "anticipated cronogram" for the ground development did not finish cuadrar. The real estate one had defined a reasonable model of tourist house destined to the British market. It had consolidated a great image of mark through the sponsorship of Valencia CF or the Charlton, an equipment of the Premier British League; and through advertising fences like first user of the monopost. Llanera even had engraving spot that had to shoot the purchases between the British public. But it had only culminated two promotions of tourist house in Alcossebre (Castellón) and Dénia (Alicante). A great complex anticipated in Calatrava de la Cruz (Murcia) around a golf course remains congealed.
The small construction company that had founded on 1988 Galician Fernando Almazora, a bricklayer whose business grew when it began to raise industrial ships, took another course when their children Fernando and Jose Ramon became position of the company in 1998. Under protection of a permisiva legislation for the city-planning promotion, Llanera aimed at more ambitious objectives without repairing in expenses of personnel - with 40 directors, one more than Fadesa, than it multiplies his invoicing and with financial support of Bancaja and Bank of Valencia, essentially.
The changes in the political management of Valencian urbanism after several warnings of the European Parliament and, mainly, the refusal of the financial organizations to maintain an adventure that was had rampant, have ruined the project of the brothers Galician.
Llanera raised yesterday to concentrate itself in the more profitable segments of activity and "to continue with the city-planning transformation of real estate developments" like formulas to surpass the crisis.
[cite]Posted By: InspectorSands[/cite]And what happens to the bloke who won a Llanera place in that prize draw?
I raised this a couple of weeks ago. He wasn't due to be get it until 2010 so i would presume the unlucky sod will either get sweet fa or if he's lucky join a long list of creditors.
Anyone know him ? Would love to know if he has been told anything
Comments
From what i can work out, six of its units have requested a payments suspension. I thought they are still trying to restructure, but they appear pretty doomed.
From what i have heard however, they owe us no money on the contract. Whether they have paid the get out fee, or will be able to pay the get out fee, i don't know.
But its safe to say we will have a new sponsor next season. As if getting promoted wasn't important enough anyway, this will add another one to the list of importance
That was part of a general story about property prices falling across Spain and the Med particularly for second home owners, the story gave few details other than anecdotal stories about sellers flogging off their second homes for 10% less than the price they paid and that prices in Spain have stagnated for the last two years with a combination of over-supply and falling demand. This rang a bell...wasn't Simon Jordan boasting in that Times article a couple of weeks back about being in construction somewhere in Spain? I wonder if this will drag him down too?
Addicks aware of Llanera debt
Charlton have reacted to press speculation on Wednesday surrounding club sponsors Llanera.
A story in The Sun newspaper suggested the Spanish property firm have serious financial problems, which could result in Charlton losing millions of pounds.
Chief executive Peter Varney said: "We are aware that Llanera currently have financial difficulties and are working very closely with them.
"I must stress that it has not impacted upon us at all financially at present and we remain hopeful they will be able to resolve their current difficulties in consultation with their bank."
Llanera signed a four-and-a-half year £6.6m deal with the Addicks in December 2005, and The Sun has suggested that they are currently attempting to restructure a debt of £210m.
from Thomson Financial (today):
and from El Pais today: http://www.elpais.com/articulo/economia/falta/liquidez/lleva/suspension/pagos/inmobiliaria/Llanera/elpepueco/20071002elpepieco_2/Tes
Website back up....
Ah, you gotta love Babelfish translations. Is this "congealed" place the one the club's been pushing for the past couple of years?
And what happens to the bloke who won a Llanera place in that prize draw?
Hopefully he sold up as soon as he could...
I raised this a couple of weeks ago. He wasn't due to be get it until 2010 so i would presume the unlucky sod will either get sweet fa or if he's lucky join a long list of creditors.
Anyone know him ? Would love to know if he has been told anything