More Eurocommerce case details….

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Published on September 1, 2012

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ranslation…

The banks are owed hundreds of millions by Eurocommerce from Deventer. However, according to the first curator, a part of that money will likely not be returned.

“Nine banks and the municipality of Almere have jointly lent 695 million euro to Eurocommere. The chance that they fully recover that amount is small. The sale of the 59 offices of the company will probably not be more than 400 million euro. Rabobank will bear the brunt, the bank has made some progress for a total of nearly EUR 300 million.

Also, the other millions of liable private owner Ger Visser have been privately recovered. Visser would – in spite of the business financial problems – be good for EUR 145 million in private capital. Twelve Ferrari’s and a Ford Thunderbird have been seized. They also have creditors hunting on the stables of Eurocommerce. Different top horses of Stal Eurocommerce were sold shortly before the bankruptcy, to the son of Ger Visser. Ger de Visser was also involved in an investigation of the FIOD starting in July. He is suspected of forgery and embezzlement of a number of banks. The head offices in Deventer of Eurocommerce have been seized. Visser was reported by Rabobank and SNS. According to sources in the bank world ‘strange things’ have recently been discovered, such as standard leases which are incorrect. The banks lent tens of millions to the company on the basis of false information.

Eurocommerce developed procedures for many years for their own account and risk premises and office buildings. As soon as a building was rented out, it was sold. But in the course of the years the supply of office space was larger than the demand and was resting. In 2011, in combination with the European banks crisis, Eurocommerce was in serious problems. Due to the many unoccupied spaces, there was too little rent within current cost and maintenance, interest and the repayment of loans to pay. Obtaining new loans was becoming increasingly difficult. The company continued with more and more buildings which caused the debt to increase. In their report, the receivers that also ‘the way of doing business of Eurcommerce reportedly met more and more resistance in the market’. 

It was in early 2012 that bankruptcy was looking likely, suggests the receivers. Eurocommerce could no longer fulfill commitments which are confiscated in January on a large number of office buildings. In February, a number of premises were seized. Meanwhile the banks were less willing to finance further to Eurcommerce. The bankruptcy petition of construction company Wessels from Rijssen retrieved nationwide press, but at the last moment it withdrew. A second file for bankruptcy of BT The Netherlands also occured. Eurocommerce officially was declared bankrupt in August.”

Source: RTV Oost

Tags: eurocommerce holdings ger visser ger visser jr Gerco Schroder