EMCC European Monitoring Centre on Change

Martinsa-Fadesa

16 Jul, 2015
    • Spain
  • Organisation size

    501-1000

  • Establishment size

    501-1000

  • Type of restructuring
    • (Avoiding) bankruptcy
  • Ownership
    • Private
  • Involved actors

    • Works council
    • Trade union
    • Social service provider
    • Public employment service
    • Others
    • National government
    • Banks
  • Management of change activities
    • Wage flexibility measures
    • Flexible/early retirement schemes
    • Employment subsidies
    • Diagnosis of the situation and designing change procedures
    • Information and consultation of workers or their representatives

Martinsa-Fadesa is one of Spain’s largest main real estate and construction groups. Formed in 2007 by the merger of the companies Fadesa Inmobiliaria and Martinsa, the company went into administration on 15 July 2008 after failing to service its outstanding debts. Martinsa-Fadesa, created through Martinsa’s debt-financed €3.5 billion takeover of Fadesa in 2007, decided to file for administration proceedings under Spanish law after failing to raise the €150 million of fresh equity needed to complete a €4 billion debt refinancing deal with the banks.

keywords
  • Recession/crisis