Real Zaragoza will carry out the second modification of its creditors agreementSince nine days before the end of the established period, it is close to 60% of adhesions, when a minimum of 50% is required. The judge of the Commercial Court Number 2 of Zaragoza, María del Carmen Villellas, admitted in mid-April the request of the sports corporation after receiving it a month before and transfer to the three bankruptcy administrators, Carlos Terreu, Andrés Jiménez and Jorge Aso, so that they could give their consent.
The new and recent legal regulations approved by the Government of Spain In terms of bankruptcy proceedings, as a result of COVID-19, it has allowed Real Zaragoza to propose this measure of extension of terms, without changing the amounts owed to creditors.
The total ordinary debt of Zaragoza amounts to 24.7 million and this new request asks that the payments, which were to end in 2025, be extended in a linear way until 2030, at a rate of 2.47 million per year, apart from the fact that they would be suspended if the Aragonese club descended to First Federation, before finishing paying its ordinary creditors. Similarly, if in this new period the return to the First Division were achieved, an additional 20% would be paid annually to ordinary creditors until the credits are exhausted.
This is the second modification of the creditors agreement presented by the sports corporation and the previous one was in 2016 to vary the years of alternate fulfillment, which were five, so that they were fixed and consecutive and begin to pay that creditors agreement in July of 2018. It was carried out with the support of 66%.
Zaragoza paid the first two annuities of the agreement, of 1.36 and 1.679 million, respectively, in 2018 and 2019, but in the third, last year, it requested the suspension before the court, which was granted.
The club has the adhesion of many of its creditors and of course among them are LaLiga and professional clubs -except Shakhtar Donetsk, the main creditor-, as well as former footballers and representative agencies.
The deadline for the sum of adhesions set by the judge ends next Wednesday, June 16, a date that could also give way to the officiality of the change of ownership in Real Zaragoza or the entry of a new investor among the shareholders. And it is that the negotiations are already in their final stretch and the modification of the creditors agreement appears as a last prerequisite for this announcement.