BCP raises 41 million through the rehabilitation of Campo Pequeno – Banking & Finance

BCP will spend more than €40m with Campo Pequeno, in Lisbon, but still has another €45m to recover, writes this Tuesday sound echo. The dispute revolves around the liquidation of the company that rehabilitated Campo Pequeno and whose space is now in the hands of businessman Alvaro Coves and Horizon Equity Partners.

Since BCP is the largest creditor to the company that rehabilitated Campo Pequeno – the Sociedade de Renovação Urbana do Campo Pequeno (SRUCP) – which went bankrupt in 2014, it wants to recover €86 million, which is about 90% of the total credits in default. The liquidation process continues today and there are approximately 30 creditors.

Campo Pequeno was sold, at the end of 2019, to Álvaro Coves and the Horizon Fund for around €37m.In 2021, in the first proposal for partial repayment of creditors, the Insolvency Director Paula Matamoros Resendez proposed a distribution of €29.7m to BCP, the only creditor to have obtained Funds on a secured loan account. But the new proposal to the Lisbon District Court strengthens the amount to be distributed to the BCP. In all, there are about 41.5 million euros: about 32.2 million on account of the sale of Campo Pequeno and another 9.3 million from a balance of more than 11 million that resulted from the sale of transferred assets. Thus, the bank would still have 44.7 million debts – about half of the credit to be recovered. Asked about this, the bank declined to comment.