El Corte Inglés prepares a plan for the sale of assets to reduce its debt

The Spanish store El Corte Inglés has functions for September. International rating agencies have encouraged it to reduce its level of debt in order to obtain a good rating and issue bonds on the stock market next fall.

As reported by the digital newspaper El Confidencial, the Spanish company could launch a debt reduction plan of $ 2 billion. euros. For this he is working on the sale of badets worth 300 million euros, to which must be added the 200 million from the real estate investment that the company has already closed.

El Corte Inglés also needs to write-off € 1,300 million bridge loan granted last January by financial institutions and settle various promissory notes signed with people close to the top of the company.

According to El Confidencial, the new president of the group, Jesús Nuño de la Rosa, wants to reduce the group's debt from 4 billion to 2,000. The company, with its current figures, would not reach the credit score to attract professional investors and thus reduce its dependence on banks.

Nuño de la Rosa, apparently, has acquired with the agencies the commitment of, in the next twelve months, eclipsing the debt of the company to guarantee the accreditation of a company secure to invest