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Five years ago the failure of Spanish real estate group Martinsa Fadesa took over 12,500 families by surprise.
Martín explains that the receivers drew up a 100-day cost-saving program that was swiftly implemented and bonga live chat sesso afterward a labor reduction plan that saw Martinsa Fadesas workforce slimmed from 880 to 192 employees.
But the main task facing the company is how to start building and selling houses again under normal conditions.Another thing is what we are expecting to happen and that worries.The companys workforce has been reduced from 880 employees to just.That provided the company with some liquidity.Martín believes the receivership process was a success in that the company managed to emerge from it and social peace was maintained, with clients either receiving their homes or the money they had invested in acquiring them.
However, Martinsa Fadesa also has to find a solution for its shareholders.
The company has been able to return 41 million euros in two years.
The real state sector had already received a warning about the banks willingness to allow big companies in the sector to go under with the decision to liquidate Valencia real estate group Llanera.
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But the sector took it for granted that the banks had already provisioned for potential losses that caused the non-performing loans of the financial sector to jump by 31 percent in a month after the company filed for receivership.
In other times Martinsa Fadesa could have been considered too big to fail.
Trading in the companys shares has been suspended since July 2008.Martinsa Fadesas general manager, Antonio Gil Rabadán, acknowledges that the crisis has been much deeper and longer than expected but points to the fact that the company is meeting its commitments.Once the companys immediate survival was guaranteed, the receivers began to overhaul its operating structure, focusing on four areas: financial, administrative, the land pool and international activities.Martinsa, which was formed from the merger of the property companies Martinsa and Fadesa in 2007, was among only 5 percent of companies in the real estate sector that managed to survive the bursting of the bubble after reaching an agreement with its creditors.The creditors agreement signed in January 2011 gives Martinsa Fadesa eight years, extendable to 10, to pay back its debt.The firms revenues last year were 160 million euros, 86 percent less than when Martín created his empire in 2007.Batkhv08.HA Make love not war!


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