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SBD Global/September 4, 2014/Finance

La Liga Side Levante Announces It Has Refinanced Debts With Banks, Tax Authorities

La Liga side Levante has received a postponement on its debt of €17.5M ($23M) to two banking entities and the club has "agreed to a favorable payment calendar" for its debt of €16.2M ($21.3M) to the Spanish tax authorities, according to the EFE. The club announced on its website that it has worked to restructure its debt and in August signed a "refinancing of all its debt." Levante "highlighted the importance of the delay of the debt that was to expire with banks Cajamar and La Caixa." The team's statement said, "With these agreements, the doubts about the club's immediate future are cleared and the foundations have been put in place for financial consolidation" (EFE, 9/3).
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