At the end of time to be doomed to urge the pre-contest of creditors, Dia finally found a board of salvation. The maximum shareholder of the supermarket chain, the Letterone fund, reached an agreement with Banco Santander on the group’s debt, clearing the way for the Russian investor to inject the money that would take the company out of the situation of technical bankruptcy. The financial agreement includes postponing the debt until 2023 and new liquidity lines for 380 million.
Yesterday was the last day for the dealer group to resolve the situation of negative equity in which it was after presenting at the end of 2018 losses of 352 million euros. If he did not do it, he was doomed to pre-contest creditors. The largest shareholder, the Letterone fund, was in charge of injecting the necessary money – at least 174.9 million euros – once it had managed with a takeover control of 70% of the shares. But the fund made this injection subject to an agreement with the banks. And that agreement only came in yesterday afternoon.
In his Twitter account, Botín said that “finally the Chairman of LetterOne has committed to work to eliminate discrimination between bondholders and banks of Dia, which we believe is a fair treatment.” Santander, responsibly, has decided to support Dia and its employees, “about 40,000. This intervention in the social network before the closing of the market motivated the CNMV to affirm that it would open the analysis.