The CFN will insist on an embargo on the Wyndham Sail Plaza hotel, which was revoked by a judge

The embargo that the National Financial Corporation (CFN) executed on March 29 on the facilities of the Wyndham Sail Plaza hotel, located on the road to Barbasquillo, the area with the highest surplus value in Manta, was revoked by a judge, reported Iván Andrade, president of the CFN board of directorsduring an interview with Diario EL UNIVERSO.

The measure was executed for debts declared overdue for various credits amounting to more than $43 million, including principal and interest. However, Andrade regretted that, the day after the procedure, a judge disabled the embargo, which will be executed again by the state entity, assured the president of the CFN board.

CFN repossesses a Sail Plaza hotel access in Manta, which continues to serve

“We now have confirmation. They tell us today (Wednesday, April 20), where we made the appeal: ‘You do have the right to make the embargo’. And we are going back to the fight,” said Andrade, who explained that the essence of the measure is “fighting to recover public resources.”

Andrade himself revealed last March 31 that the credit operations of the CFN to the hotel were a total of five transactions of different sizes: in October 2014, November 2015, March and November 2016 and April 2017, which came to total the sum of $32,100,000.

In 2017 they proceeded to carry out a payment solution, which —according to Andrade— was a capital refinancing for $31,214,000 for a twelve-year term.

In March 2019, a new payment restructuring was carried out, in which the capital that was restructured continued to be $31,214,000, according to the official, who added that an interest payment solution was also granted that had not been paid up to that moment. , for $4,665,000. At the beginning of this year, the amount of $7,734,000 was added, as detailed last March.

Repossession of the Wyndham Sail Plaza hotel was for loans declared overdue. The debt amounts to more than $43 million, according to the CFN

“[De] that debt of $32 million, which came to be, they paid about $800,000; the principal debt, $31,200,000. But they did several refinancings, and of the refinancings, the last one, at 25 years, with a 3-year grace period for principal and also interest. So, actually, if we take the origin, which was the first credit of the year 2014, of the 2014 [hasta] here, 8 years; but the year 2019 was 5 years, and they gave it 25 more years, that is, 30 years since the original. What do you want now? That we give it 25 years again? The intention of the CFN is not to “damage” something that is going to be the source of the payment. (I)