The Sanahuja family has ceded control of Metrovacesa to creditors.
The family will exchange a 54.75% holding for the cancellation of €2.1bn (£1.8bn) of debt and a small cash sum. The creditors have also agreed to buy an extra 10.7% holding in a side deal with mainly institutional investors. The family has the option to buy back this extra stake within four years.
BBVA, Barnesto, Banco Popular, Banco de Sabadell, Banco Santander and Caja Madrid are the creditors.
05/12/08 Financial Times 29
