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Tuesday, 08 September 2020 10:31

Abencys represents Avenue Capital against FCC, secures €115m compensation

Abencys has represented the funds managed by Avenue Capital in a judicial procedure against Spanish FCC, securing a compensation of €115 million

The court's ruling concludes that FCC Construcción, S.A. must pay more than €86 million, €17 million in VAT and the interest and costs incurred up to the date, amounting approximately €115 million to date. The ruling is subject to appeal. Avenue Capital represents 80 per cent of FCC´s debt.

The conflict arose from a public tender. CRAP 3 carried out a series of steps with the owners of the land that were essential for the award of a public tender to FCC, helping it to obtain a very important profit. The parties agreed to participate in 50% of the economic result of the management and exploitation of the affected land, but FCC never paid half of the profits.

The claimants were represented by Abencys´ partner Carlos A. Grande (pictured), who explained that "this is a really important milestone for Abencys. It acknowledges all the work and effort carried out and consolidates the firm as a reference in the legal advice to investors in distress situations. Our maxim is the commitment with the client which leads us to have really high-quality standards that give rise to results like this one."