The PER report for the owner of the Promenade building expects Banco Montepio to forgive 30% of the debt. The bank tried to stop the general spending rate but the court did not agree with the bank. The actions move forward after the plan was approved.
The Special Activation Process (PER) for Cemg Volume Máximo, Companhia, Lda – owner of the Promenade real estate project in Lisbon – has been approved with 80% of the votes in favour from creditors, and is awaiting approval from the Commercial Court of Lisbon so that it can proceed.
The approval of the PER, which must become final, will make Banco Montepio waive 30% of the current debt, which according to our sources amounts to around eight to nine million euros (given the existence of an escrow account to guarantee the remaining bank loan) for the repayment of which amounted to around 14 million.
Banco Montepio will therefore lose around €2.5 million. Banco Montepio, a recognised creditor of the real estate company, has tried in court to invalidate the PER, arguing that “the debtor [Cemg Volume Máximo] Owns 99% of the creditor’s capital [AM48 Holding] The signatory to the agreement. However, according to the order of the Lisbon District Court – Juízo do Comércio, which Jornal Económico has consulted, “it has been shown that the debtor only owns 11% of the capital of the creditor AM48 Holding, subscribed to the agreement” so “it is necessary to conclude that, in the above conditions, they are not in a dominant or collective relationship”. However, “the nullity cited is rejected”, that is, the PER proceeds.
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