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SBD Global/May 28, 2014/Finance

Valencian City Council Ordered By Local Court To Pay La Liga Valencia Lender Bankia $5.7M

The Valencian Supreme Court has ordered that the Valencian City Council pay La Liga side Valencia lender Bankia €4.2M ($5.7M), according to the EFE. The court "estimated that this was the quantity owed to Bankia and that the payment should have been completed" in August. The Valencian City Council's Finance Institute (IVF) was "ordered to make the payment or face an embargo." The "situation comes after Valencia majority shareholder VCF Foundation -- whose guarantor is the Valencian City Council" -- paid just €1.2M of the €4.8M it owed Bankia. The €4.2M payment "that is now being demanded" includes the remaining €3.6M, plus interest accrued since August (EFE, 5/27).
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