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Spain Agrees to $367M Tax Deferment for Reyal

MADRID- A failure of the magnitude of Reyal Urbis would be devastating to Spanish banks and Madrid.

By Allan Saunderson | Updated on May 25, 2010

MADRID-Spanish tax authorities have agreed to the deferment of a payment of $367 million due from struggling Spanish listed property company Reyal Urbis, the latest move in a huge $5.5 billion restructuring of financial liabilities of the real estate company.

Chaired and controlled by Rafael Santamaría, Reyal Urbis in mid-May signed a credit refinancing agreement with syndicated lenders covering most of the debt of the company and its Portuguese subsidiary, as well as instruments subscribed to by Reyal Urbis, according to a filing with Spain’s stock market regulator CNMV.

Reyal Urbis summarized the main characteristics as the extension of the syndicated credit until December 2016, a $917 million reduction of financial debt to $4.6 billion through the sale to banks of residential land and 400 dwellings, and a line of credit for a maximum $350 million, included in previous amounts. RU has also agreed a new $42.8 million liquidity line to meet treasury needs. A transfer of assets to creditor banks forms part of the agreement.

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