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Martinsa Fadesa debt deal "very difficult" -source

Wed Mar 26, 2008 11:46am EDT

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LONDON, March 26 (Reuters) - Talks to reach a deal to save Spanish real estate company Martinsa Fadesa (MFAD.MC) from insolvency remain "very difficult," a source close to the talks said on Wednesday.

The company is attempting to reach a deal with holders of about 5 billion euros ($7.87 billion) of debt, including members of a bank syndicate, as well as hedge funds and institutional investors.

Martinsa Fadesa failed to make an interest payment this month, forcing the debt restructuring talks.

Any debt refinancing needs the agreement of all creditors, the source said.



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