The Cambrils Cooperative will pay the debt to creditors in 14 years

The Commercial Court number 1 of Tarragona has issued a final judgment in the voluntary bankruptcy initiated by the Cambrils Cooperative to satisfy the outstanding debt to its creditors in the next 14 years (2036).

In this contest there were two recovery options, option A with a removal (reduction of the money that one owes) of 33% and a recovery expectation of 10 years and option Bin which 33% of the credits will be recovered from the eleventh to the fourteenth year from now. And the remaining 67% of the debt, in the next 10 years. The result of voluntary adhesions in option B has been 71.41% of total liabilities.

With this firm resolution, the Cooperativa de Cambrils takes an important step in the commitment to satisfy the debt. The president of the entity Pau Serra He stated that “thanks to the collaboration of depositors, the entity's workers and the governing team, we have been able to reach this point. Until now, the Cooperative has worked to return a large amount of the debt and, with this agreement, guarantees the recovery of the money to the affected people”.

Javier Moreno of Salvat Lawyers who intervened in the initial procedure in 2015 and early 2016 explained that in December 2015 the credit section was closed and the pre-bankruptcy began with a refinancing agreement of 32.5 million euros.

Until 2019, the committed annuities were paid and 3 more annuities were advanced, satisfying 19 million euros, which represented 58.6 of the pending liabilities. With the pandemic and the economic stoppage of the Cambrils Cooperative, this voluntary creditor contest had to start, thanks to which it has been possible to reach an agreement with the creditors.

The new current Payment Plan will be applied from November 18 with a first payment that will be repeated from the following year set in the month of October.

This payment will be made progressively with a progressive percentage to the initial. In the first 10 years, 67% of the debt will be paid and the annuities will cover the following percentages: in this year's installment, 2.5%; from 2023 to 2027, 7.5% of the current debt will be paid annually; from 2028 to 2032 each year 12% of the debt and from 2033 25% per year of the remaining 33% of the debt will be paid.

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