The Nozar real estate company leaves the Treasury’s delinquent list after seven years on the podium of large debtors | Economy

A Nozar promotion in Madrid, in a file image.
A Nozar promotion in Madrid, in a file image.

One of the biggest novelties of the last list of delinquent Treasury is the disappearance of Nozar. The real estate company born in the eighties had been among the great debtors of the Administration since the Ministry, then chaired by Cristóbal Montoro, made the data public for the first time in 2015. Then it owed 203.2 million and occupied the second position. In the eighth edition of the list, which was published last December, the debt had risen to 214.9 million and maintained the same position.

But in between, also last December, a court approved the company’s creditor agreement. This, according to Nozar’s proposal, provided for removals of up to 97% and implied returning only 286 million of the more than 1,500 that he owed. Seven out of ten creditors, all those who had a recognized debt of less than 25,000 euros, would receive everything in the first year after approval. The rest, the large creditors, would only recover between 3% and 5% of the money they had lent, with different payment methods that were deferred for up to 10 years.

The proposal of the bankruptcy administrators stated that the Treasury would receive half of the almost 215 million that the real estate company owed it, as it was considered a privileged credit, and would have to accept the proposed reductions for the large creditors with the other half. 69.5% of the creditors gave their approval to this proposal and a Madrid court issued the approving sentence at the end of last year.

Nozar is one of the historical real estate companies that achieved great notoriety at the beginning of the century. It was born in 1981 in Madrid by the Nozaleda family, with investments also in vineyards or hotels. Over the years it would expand throughout Spain to build nearly 13,000 homes in 2009. But that same year the suspension of payments and bankruptcy would also come, after recognizing that it could not cope with 700 million debt.

It suffered, therefore, the same fate as other companies in the sector, such as Reyal Urbis or Martinsa-Fadesa, which have also been classics on the Treasury’s defaulter lists. The first, in fact, has led it since the first edition due to a debt with the Administration that exceeds 300 million. But unlike these firms, which went into liquidation, Nozar has remained active.

The second stage of the promoter began in 2015 in the midst of a controversial bankruptcy process in which the appointed administrators would be appealed by the Nozaleda family itself and some creditors. The real estate company currently has four active developments in Madrid and Huelva. And plans for future buildings taking advantage of the land that he bought in his day in A Coruña, Seville or Dénia (Alicante).

In the last seven years, the same ones that have appeared on the Treasury blacklist, the company claims to have built 21 promotions that are equivalent to 1,300 homes. For this, it has obtained punctually bank financing. And it has also obtained resources from the sale of some plots of land and other assets it had.

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