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TWO CRUCIAL DAYS FOR THE CLUB IN JANUARY

01 Jan 2014
The creditors’ meeting and the elections are marking the institutional calendar of Deportivo La Coruña during January. Both are crucial events that will define the future of the club for the coming years.

There are two important games that will actually not be played on a football pitch during January. Two events that are crucial for the future of Deportivo. The first is the creditors’ meeting, which is scheduled for January 10. The purpose of this reunion is to decide how the club will pay the reported debt of €160,079.603.25

What will exactly happen is that the creditors will vote on the two propositions that were presented. The first plan in the list is the one of the club. The main characteristics of this plan is to forgive the 33% of the not privileged debt (€60 million), to fix a deadline of seventeen years to make the payment of the debt (shortage of two years), plus fixing the 20% of the yearly incomes to pay the debt.

This plan is the first to be voted, simply because it was the first that was approved by the judge. The second plan was presented by the Spanish Treasury; it’s characterized as by the fact that’s proposing to forgive the 45% of the not privileged debt (€60 million), to fix a deadline of ten years to make the payment of the debt, there’s no shortage and the payments are fixed, which means that Depor would have to pay a fixed amount for each year no matter the league where it plays and it’s incomes. The yearly interest is 2%.

The general comment is that the proposition of the club is the one that will be accepted, this since Lendoiro already has the support of the LFP and the Players’ Association, two of the main creditors that have the right to vote. The concern is what will be the position of the Spanish Treasury, the main creditor of the club. There are many concerns they can adopt an intransigent position, just like they did last year with the embargos. The club has tried to negotiate, but without positive results.

A second crucial date in the months is January 21 or 22. Those are the days fixed for the extraordinary meeting in which the shareholders will elect the new members of the board of directors and then the president. The exit of Paco Zas and Lendoiro left the race for the presidency with only three men: Manuel López Cascallar, Germán Conchado and Constantino ´Tino’ Fernández.

The latter is the favourite to win as he had the support of at least 30,000 shares during the shareholders meeting held in December; however it still to be known what will be the decision of the 20,000 shares that were supporting Lendoiro. During this week the candidates already agreed in increasing the number of members in the board of directors from four to seven, also to have a debate after the creditors’ meeting.

ARCHIVE NEWS JAN/14

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