Viernes, 7 de Noviembre de 2008, 10:30hs
Fuente: Reuters

MERCADOS - Deuda

Banesto, La Caixa, HSBC might control Metrovacesa

* Creditors could swap debt for Metrovacesa shares

* HSBC, Banesto and La Caixa are leading lenders

* Banesto has 31 pct of company as collateral for loan

By Andres Gonzalez

MADRID, 27 Oct . - Spanish banks Banesto and La Caixa and Britain's HSBC may become the core shareholders of Metrovacesa , in a move echoing the takeover of fellow real estate firm Colonial in April.

The three banks are leaders of credit syndicates with more than 2.6 billion euros ($3.3 billion) in outstanding loans to Metrovacesa's owners, the Sanahuja family.

The Sanahujas have put up their 80 percent stake in Metrovacesa as collateral, according to loan documents.

The Catalan family said on Thursday that creditors are prepared to consider exchanging the debt for stakes in Metrovacesa that could total over 50 percent of the group's shares plus some of its real estate assets.

Metrovacesa is facing Spain's biggest property crisis in recent years with a debt pile of 7.9 billion euros and crippling restrictions on corporate credit.

After missing its October 31 deadline to pay the 240 million pounds it owes UK insurer Legal & General for London's Walbrook Square development, the company said on Friday it had agreed to pay the sum in instalments up to October 2010.

The next deadline is November 27, when Metrovacesa is obliged to pay off a 810 million pound bridge loan it secured with HSBC to acquire the bank's London offices.

HSBC also has exposure to the Sanahuja family's debts in the form of a 582 million euro loan backed by 7 million Metrovacesa shares -- equivalent to 10 percent of the company.

The Sanahujas have a further 1.650 billion euro loan, backed by 55 percent of Metrovacesa's stock, with a Banesto-led syndicate that also includes Caja Madrid, Banco Sabadell and Banco Popular .

Banesto holds 31.5 percent of Metrovacesa as collateral against its share of the loan though.

La Caixa's syndicate, which includes Barclays , savings bank Caixa Catalunya and the Catalan regional government's credit agency, has about 14.6 percent of Metrovacesa as collateral.

If the deal goes ahead, Metrovacesa could become the second Spanish property company to fall into the hands of creditors after the banks that lent Colonial's main shareholders about 2 billion euros took stakes in the firm in April. (Additional reporting by Jonathan Gleave; editing by John Stonestreet) ($1=.7815 Euro)