General de Alquiler de Maquinaria, the Spanish equipment rental company, said it expects to agree with lenders in September on restructuring debt, Bloomberg is reporting. GAM is apparently in talks with eight major creditors, including Banco Bilbao Vizcaya Argentaria S.A. and Banco Popular Espanol S.A., that hold about 75 percent of its debt on extending maturities.
GAM, which has executive offices in Madrid and Oviedo, Spain, hasn’t been profitable since the third quarter of 2009, the Bloomberg report said, with its first-half net loss reaching €42.1 million (about U.S. $60.3 million), compared with €18.1 million in the first half of 2010.
GAM said it doesn’t see signs of improvement in Spain’s construction market for the rest of 2011.
