Creditor banks take big stake in Levantina

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.

April 2, 2012

Creditor banks of Spanish natural stone producer 4370 Levantina, including 4711 Prudential, 4715 Bank of Ireland and 4515 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, 4712 Charterhouse, 4714 Impala and 4713 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.

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