The listed real estate company Nyesa has experienced a decrease of 50% in its share price after it announced that problems with the financing of one of its star real estate projects, in Russia, has placed it on the brink of bankruptcy once again.
Specifically, the Spanish real estate company has revealed that its Narvskaia project has forced it to recognise an impairment of 45.6 million euros in its 2019 accounts. With that loss, Nyesa’s equity at the end of this year is negative (-10.1 million euros), after the value of the renovation project in Russia fell by 45 million euros. It means that the company will likely have to be dissolved.
Read the full article in Spanish.