September 29, 2009 at 11:58 am #55218Fuengi (Andrew)Participant
For those who are buying one of their properties:
MASA Group was bought by local Torrevieja developer Torrevisa back in 2003 and trades under both names, for marketing and branding reasons.
Torrevisa-MASA International, one of the best-known names in Costa Blanca real estate has officially let it be known through the courts that they have a recognized debt of 102 million euros. MASA Group was bought by local Torrevieja developer Torrevisa back in 2003 and trades under both names, for marketing and branding reasons. The MASA brand has long been marketed to Northern Europeans and Expats through weekend trade shows throughout the UK and Europe.
According to official Alicante Province invoicing records; Torrevisa-Masa International has been one of the foremost construction and promotional companies in the region. In the last decade they have become one of the three largest construction companies building over 30,000 houses in 25 years, mainly second residence homes. It seems that the group have not only been hit hard by the global recession and Spanish housing crises but also the downturn in their Hotel business plus other urban housing projects as far away as Brazil have accounted for their downfall.
The filing of this court action is one of the most significant to date and largest from the construction sector, in Alicante. Bankruptcy and Chapter 11 laws are different in Spain and this filing is to protect them from creditors. The amount stated may rise or fall depending on other creditors coming forward to the courts.
The courts shall now decide on the next steps to be taken to try and resolve these incurred debts, designating administrators to supervise the decisions of Torrevisa to guarantee their viability. With thousands of their homes still unfinished or lying empty, house buyers relying on their 10-year building guarantees, many shall be hoping that they survive these troubled times to fulfil their contractual obligations.
September 29, 2009 at 12:20 pm #94335
not the first and there will be hundreds(thousands in Spain) more developments in the next six months – let’s see how long it takes for the banks to write down the loans and sell the units off at 50% below original price – 😥
September 29, 2009 at 12:25 pm #94336
I see from Mark´s most recent news and views article that Llanera are due to emerge from administration with a promise to pay off 65% of their debts over the next 8 years.
Somehow, given the forecast state of the market for the next few years, I think that is going to be a tall order.
September 29, 2009 at 12:58 pm #94337
For the sake of accuracy and maybe to reassure some people involved with a company called Masa, please see the comments following on from the article.
Maria Gutierrez on 27 September, 2009 02:49:17
If I meant to write an article I would, at least, do my research before I write it.
You should know the difference between Masa Group and Masa International. Masa Group has never been bought by Torrevisa. In fact, Masa Group is an independent builder!
You are pointing at Masa Group when in fact the company you are talking about is Masa International.
Keith, what sort of journalist are you?
cello steevens on 29 September, 2009 03:49:04
yes your journalist should be ashamed if he does not now the difference between masa group and masa int., he should not write about it.
ps masa international did not file for bankruptcy,they work like always.
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