May 20, 2019 / 2:46 PM / 4 months ago

Fridman's DIA plan offers less to Spanish banks than foreign bondholders-Santander

MADRID, May 20 (Reuters) - The plan from Russian tycoon Mikhail Fridman’s investment fund LetterOne for the Spanish retailer DIA offered much less for Spanish banks than to foreign bondholders, Santander chairman Ana Botin said on Monday.

Botin also said she tried to defend Santander’s own shareholders’ interests in the DIA debt talks. Santander is the biggest creditor among those being asked to extend debt agreements until 2023 and set up new credit lines for 170 million euros.

On Friday, LetterOne won control of DIA but had not yet secured support from all of the loss-making group’s creditors.

Reporting by Isla Binnie; Editing by Jesús Aguado

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