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Tuesday, May 21, 2024

Martínez-Echevarría assists COFIDES with Hoteles Silken’s finance rescue

COFIDES has instructed Martínez-Echevarría on Hoteles Silken’s €22.5 million finance recue

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The aid for tourism companies whose activity has been hit hard during the Covid-19 crisis continues to arrive. If this very week new SEPI bailouts were approved, now it has been the Compañía Española de Financiación del Desarrollo (COFIDES) that has given the go-ahead for new loans.

According to tourinews.es, specifically, the public-private company dependent on the Ministry of Industry, Trade and Tourism has announced the granting to Hoteles Silken.

Hoteles Silken, whose operation has been advised by Grant Thornton (financial) and Martínez Echevarría (legal), will receive €22.5 million in the form of participating loan of €11.5 million (characterised by a flexible interest rate that adapts to the company’s results and a longer repayment period), and an ordinary loan of €11 million (the conditions are set by the rescue fund).

The chain based in Vitoria (Álava) has a total of 28 establishments under management and 7 under marketing contract.

Martínez-Echevarría’s team was formed by partner Ramón Ruiz de la Torre, partner Oscar Rodriguez, lawyer Regina Antunez and, also for the Due Diligence by the teams of Labour partner Gonzalo Blanco Montero, lawyer Patricia Navarro Jiménez and juniors Alba Paz López and Alejandra Meco Rodríguez, Tax partner Igor Martín Larrañaga and senior associate Lucas Carrero-Blanco, Real Estate partner Enrique Besada Ferreriro and lawyer Beatriz Fernández and finally the Competition team led by partner Alfonso Ois Lourenzo, and juniors Adela Hinojosa Alcántara and Santiago Barea Lara.

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