The Gallardo Balboa group has initiated a process to renegotiate "in extremis" your debt with the financial entity KKR and the rest of the entities.
«The unsustainable conditions of financing imposed by KKR, with an interest rate of 14%, jeopardize the viability of the company, their jobs and that the main business group of Extremadura can come down, "they underline from the company.
And he adds that «since 2014 he has fulfilled all his financial obligations, obtaining positive results and with a turnover in the last year close to 700 million euros ».
In September 2014Alfonso Gallardo, sole administrator of the group, reached an agreement with the KKR investment fund to refinance the debt and the sale of the Alconera cement plant and the Papresa paper mill. This was an essential economic injection to guarantee the activity, which resulted in a reduction of its debt by around 500 million euros.
At the same time, the British Mark Alistair Porterfield Brown, of KKR, was appointed new chairman of the board of the Alfonso Gallardo SL group. Months later, Francisco Javier Sánchez was appointed as CEO and, therefore, he assumed the executive power of the Jerez group.