The Corporation’s Board of Directors approves taking on the restructured debts of Plaza, Plhus, Platea and Expo

The Board of Directors of the Public Business Corporation of Aragon approved taking on the new financial plan this week, which involves the Zaragoza Logistics Platform (Plaza), the Huesca Logistics Platform (Plhus), the Teruel Logistics Platform (Platea) and Expo Zaragoza Empresarial, through shareholder loans. This approval is preceded by that confirmed successively over recent days in the headquarters of the respective Administration Councils of those companies, and culminates the process that began back in September 2015 by the Aragon Regional Government and the Corporation to cancel the debts and clear up the companies’ accounts. In view of this transaction, the four companies involved will cancel their debts with the respective financial entities, and will become debtors to the Corporation, which in turn will have funds to ensure the viability of the transaction in view of the latest capital increases made by the Aragon Regional Government.
The overall amount of the transaction is 218, 250, 000 Euros, contributed by the Aragon Regional Government to the Corporation, which in turn will transfer funds to the four companies through a shareholder loan for the following amounts: Plaza: 66, 266, 640 Euros Expo Zaragoza Empresarial: 108, 157, 111 Euros Plhus: 33, 950, 000 Euros Platea: 9, 874, 191 Euros. The formula employed to restructure the financial debt entails major benefits, such as reducing the financial costs the companies involved incur,which on average has an interest rate of four percent less. Moreover, thanks to this restructuring programme Plaza, Platea, Plhus and Expo Zaragoza Empresarial increase their grace period and the repayment schedule, which after the transaction will extend through to 2026/2027, seven years more than the initial agreements with the financial entities with which they held direct debts. On the other hand, with this debt restructure, the Aragon Regional Government avoids maintaining the more severe financing terms of those public companies, whose debt encumbered the Executive with financial commitments and wide guarantees. This action could permit releasing resources for the execution of other strategical measures. Furthermore, the debt by the four companies with Corporación, DOES NOT compute as a part of the debt by the Autonomous Community. The formula of shareholder loans is also considered the most appropriate, with the aim of guaranteeing full repayment of the debt by the companies linked to the logistics sector, since it better adapts to their business plans.