Spain's Aisa seeks delay on loan repayment
MADRID, July 30 (Reuters) - Spanish property company Aisa (AISA.MC: Quote, Profile, Research) said on Wednesday it had asked to delay a payment due on a syndicated loan granted on August 2, 2007.
The loan expires on August 2, 2008, the company said, adding that it plans to renegotiate its debt totalling 400 million euros ($623.4 million), of which 210 million is financial.
Aisa said it has hired Ahorro Corporacion to handle the renegotiation with 15 financial institutions led by savings bank Cajasur.
The property company also said it intends to seek an initial six months delay -- with an option to extend a further six months -- on the coupon related to its bond issue from August, 2006
As a guarantee for the extension on the payment deadline, Aisa said it is putting up the group's properties in Arenys de Munt, Barcelona and will pay 7 percent interest on the delayed amount.
Spain's largest property developer Martinsa Fadesa (MFAD.MC: Quote, Profile, Research) has filed for administration and other large Spanish property estate firms are struggling to refinance heavy debts.
The property downturn is one reason Spain's economy has swiftly ground to a near halt, having been one of the fastest growing in Europe last year.
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