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SBD Global/July 3, 2013/Finance

Spanish Second Division Side Deportivo Has 15 Days To Reach Agreement With Creditors

Spanish second division side Deportivo La Coruña now "runs the real risk of disappearing," according to Luis De La Cruz of AS. The club's bankruptcy administrator, AD Cryex, has given an ultimatum to Deportivo President Cesar Augusto Lendoiro. The ultimatum gives Lendoiro 15 days to sign an agreement with creditors, "and if he does not do it, the dissolution of the entity is proposed." Lendoiro's proposal is to pay over 20 years, without fees, and with a grace period of three years. The "creditors do not accept it." Deportivo's total debt is €156M ($203M), including €97M ($126M) to Spanish tax authorities and €32M ($42M) to banks Nova Caixa Galicia and Banco Gallego (AS, 7/2).
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