The distribution cooperative has to face a debt payment of more than 500 million in July, and has informed investors of its intention to get rid of its properties.
The Eroski cooperative wants to sell almost all of the properties in its supermarkets and raise some 260 million euros to reduce its debt and strengthen its business.
Eroski must face a debt payment of more than 500 million euros in July and to do so it wants to issue bonds. Precisely, in the issuance of these bonds it has communicated to investors its intention to get rid of its properties.
This way of alleviating debt is not new. It is a route that Eroski has used before. In this case, if it were consummated, Eroski would be left with hardly any real estate.
Selling and continuing to rent is a trend throughout the distribution sector. With the sale, debt is paid and the business is strengthened.
Source: Eitb
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.