Bankruptcy Trustees are willing to sign an agreement under certain conditions

Following the meeting held on the 4th of March, the Association for the Affected of Trampolin Hills and the Bankruptcy Trustees have agreed on signing an agreement to proceed with the construction of the development.

For this it is necessary to have the approval of creditors which represent more than half of the total credit; that is some 25.000.000 €.

The agreement would need to include the following conditions:

1.- Definite commitment on behalf of a financial entity, subject to the condition of approval of an agreement, to grant a sufficient credit to Trampolin Hills for starting the construction.

2.- Acquirement of the plots still awaiting deeds.

3.- Final approval of the reclassification of the land.

4.- Starting again the construction on behalf of Trampolin Hills, subject to the following conditions:

a.- Subscription to an Insurance Policy which guarantees the devolution of the quantities already paid and to be paid by the buyers, as established in the First Additional Resolution to the Construction and Development Act.

b.- Contracting, in charge of Trampolin Hills, of a Technical Office for construction control, without whose approval bills could not be paid or certificates of construction issued, neither by charging bank credit nor by charging quantities paid by buyers.

c.- Establish a control of disposal of funds on behalf of the Administrators of Trampolin Hills.

Because the mercantile legislation impedes the limiting of the functions of the Administrators of companies, it would be convenient to introduce in the agreement a prolongation of the intervention of the Bankruptcy Administrators, whose signatures would be needed for any act of disposal by the company.

The inconvenience of this solution is that we would have to continue dealing with the responsible members of Trampolin Hills, but the advantages would be that they would be totally controlled and that the conditions of price established in the contracts would be respected and, in the case of a new failure, the quantities paid would be covered by an Insurance Contract, with certainty of recovery independent of a new insolvency situation or of breach of contracts on behalf of Trampolin Hills.