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Banks, Martinsa Fadesa to reach deal soon-source

Wed Mar 26, 2008 12:12pm EDT

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MADRID, March 26 (Reuters) - Spanish property company Martinsa-Fadesa (MFAD.MC) and banks should reach a deal within a few days on renegotiating the payment schedule on its 5.1 billion euros ($8 billion) of debt, a company source said on Wednesday.

A deadline of Wednesday night for reaching the deal is set to be extended, the source said, asking not to be named.

"Yesterday there was a very good, very positive meeting in London at which a preliminary deal was agreed by all the parties to modify a series of issues. In the next few days we'll get the definitive agreement," the source said. (Reporting by Clara Vilar)



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