Quote:
Originally Posted by Isadora
Refer to the link in the post above.
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Here is an email I recived from saffron villas on this subject.
Here iSome of you may have seen or heard on today’s financial websites that Martensa Fadesa applied for voluntary bankruptcy protection this morning. As a result trading in their shares on the Madrid stock exchange has been suspended.
I have spoken to Lucia in the London Office, and have put a call into Adohha. The current situation is:
Fadesa Maroc, being only 50% owned by Martensa Fadesa, is secure from the effects of this bankruptcy. The business in Morocco are well financed, and are not short of funds. Martensa’s problems are Spanish based, and are confined to their direct operations only.
There is a possibility that, as part of the bankruptcy process, Martensa Fadesa may need to sell their holding in Fadesa Maroc. If this becomes necessary Adohha have already indicated their desire and ability to acquire the remaining shares and make Fadesa Maroc a wholly owned subsidiary of Adohha, providing the financial security of a significantly stronger corporation.
As you know, the administration of Fadesa Maroc has already been taken over by Adohha staff, and we therefore expect little, if any, disruption to the work on site at any of the Fadesa Maroc sites.
Obviously news is scarce at the moment, but we can assure you that we are doing everything we can to obtain as much information as possible, and this will be made available to you as we get it.
Thank you for you continued support of the Fadesa Maroc projects
s a copy of email I was sent by saffron villas as per the situation