Villar Mir seals his debt with Santander with paintings by Goya, Rubens or Zurbarán

The Villar Mir group has signed an agreement with Banco Santander that includes a dation in payment on several of the family’s works of art and that has been made prior to the expiration of the payments of the debt that it had contracted with the bank chaired by Ana Botín. As knowledgeable sources have pointed out to EFE, there has been no non-payment but an agreement prior to the expiration of the debt with the financial institution.

The Villar Mir group has one of the most important art galleries in the country, many of whose works are exhibited in Torre Espacio, which the group sold in 2015 to the Philippine group Emperador for an amount of 558 million. According to Expansión and El Confidencial, among the paintings that have gone to Santander are works by Goya, Rubens or Zurbarán.

The same sources have added that the Villar Mir group’s strategy is focused on reducing its debt, which has gone from 1,300 to 250 million euros, and that the company’s divestment plan is framed in this context.

It should be noted that the Villar Mir group has asked the State Industrial Participation Company (Sepi), through its Solvency Support Fund for Strategic Companies, for aid of around 240 million euros.

The Villar Mir group -founded by Juan Miguel Villar Mir- ceased to be the main shareholder of OHL in May of last year with the purchase of the Mexican Amodio family of 16% of the share capital.

With this divestment, the Villar Mir group -through Inmobiliaria Espacio- retained 14.6% of the shareholding of the construction group, which in 2020 registered losses of 151.2 million, 5.7% more than in 2019 due to the impact of the pandemic.

In addition, Ferroglobe, 53% owned by the Villar Mir group, recently sealed an agreement in principle with its creditors for a capital injection of 100 million dollars (84.5 million euros) with which to refinance its debt.

Likewise, it should be remembered that in 2019 the Villar Mir group also signed the sale of its chemical and fertilizer division, Fertiberia, to the international fund Triton. In addition to its participation in Ferroglobe and OHL, the holding company of the Villar Mir group is also made up of Inmobiliaria Espacio and Villar Mir Energía.