Hearing Allows La Liga Side Rayo Vallecano To Exit Bankruptcy After Two-Plus Years
La Liga side Rayo Vallecano on Thursday attended a hearing in Madrid and approved of an agreement that allowed the club to exit bankruptcy in "a favorable plan by creditors that was considered a 'round success' by the club," according to EL CONFIDENCIAL. The hearing "was held behind closed doors and approved an agreement and Rayo Vallecano's related exit from bankruptcy," which it entered in June '11. Rayo President Raúl Martín Presa said, "We are content. We have been working hard for two-and-a-half years. It was an agreement featuring better than 70% approval, so it is a broad, abnormal conclusion, and a success" (EL CONFIDENCIAL, 11/21).