The Ministry of Public Works has announced that in the next few days there will be a consensual agreement among all parties on creating a rescue package for the nation´s toll road network, but it will be a delicate operation as a solution will not be easy because it involves renunciation and important debt.
The Secretary of State for Infrastructure, Transport and Housing, Rafael Catalá, made the announcement on Thursday whilst stressing that the 3,500 million euro debt will require concessionaires and rearranging the presence of foreign banks in these dealerships.
He also announced the creation of a company, which will have its majority owned by the state, similar to the defunct National Highway Company (ENA), and that the “onus is on everyone to find a solution in the short term”, stressed Catalá, who recalled that the toll roads involve 52 “troubled” financial institutions, 10 construction companies, 21 partners and thousands of other dispossessed parties that have yet to receive compensation for the surrender of their lands.
Of the 22 toll operators in Spain there are 9 going through a “difficult situation” and 5 are in bankruptcy, representing a “wake up call” to find effective solutions, he added.
Therefore, the principle aim would be to create a private and public enterprise to acquire the 9 highways, and restructure troubled bank loans. Initially, the residual value of grants is expected to represent a 20% stake in the company, while 80% will be controlled by the State.
Filed under: http://www.theleader.info/article/39186/
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