Creditor banks take big stake in Levantina
First publishedon www.AggBusiness.com
Creditor banks of Spanish natural stone producer Levantina, including Prudential, Bank of Ireland and BNP Paribas, have taken over 82% of the company’s capital to avoid administration. The remaining 18% is still in the hands of current shareholders, Charterhouse, Impala and AXA.
The shuffling in the shareholding comes following a significant drop in the construction of new houses in Spain. Sales have dropped by half, around €250million.
The capital increase, which has allowed the creditor banks to enter the shareholding, was seen as a necessary step in order to prevent the firm from going into administration.
Operational level debt at the company stands at €200million. The company operates 69 marble and granite quarries in Spain, Turkey, Portugal and Brazil. Its 14 factories produce around 10million m² of stone.