A step forward for Haya’s creditors. The bondholders of Cerberus’s servicer have asked to convert the debt that they hold in Haya Real Estate into equity, in other words, into shares in the company; according to Cinco Días.
If this operation goes ahead, the creditors would take about 40% of the company’s capital but Cerberus would retain its status as the largest shareholder. The operation would be worth around 1,000 million euros.