MADRID, Sept 15 (Reuters) - Spain's third largest bank Popular said on
Monday that property company Colonial's core bank shareholders support its debt
refinancing agreement.
The troubled property firm said on Monday it had reached an agreement with
its creditor banks to finance a total of about 7 billion euros of debt.
In a statement, Popular said it and fellow banking core shareholder La Caixa
no longer form part of the core shareholders consortium.
A Popular source said that as the original objectives of the core
shareholders accord have been met, namely to refinance Colonial's debt pile, the
bank is withdrawing from the consortium.
But it does not mean that Popular will sell its stake in Colonial, he said.
Popular owns about 9.15 percent of Colonial, which it
,t acquired as part of an agreement to swap outstanding debts owed by the
property company.
(Reporting by Judy MacInnes; editing by)
tf.TFN-Europe_newsdesk@thomsonreuters.com
jlw
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|