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Spanish property company Metrovacesa (MVC.MC) said on Monday it would insist French real estate group Gecina (GFCP.PA) implements a spin-off plan agreed between the two companies in February last year.

On Friday, Gecina said it had suspended plans to split from key shareholder Metrovacesa pending execution of a bank-led restructuring of the indebted Spanish property firm.

The French company said it would delay the spin-off plan designed to resolve a shareholder dispute until it had greater clarity on Metrovacesa’s future ownership, which fell under the control of its creditors early this month.

In a statement to the Spanish stock market regulator CNMV on Monday, Metrovacesa said nothing had changed which would justify the suspension of the planned split and added it will demand Gecina goes ahead with the process.

A Metrovacesa spokesman said on Friday any possible change in control would not affect the commitments undertaken in the agreement.

He also said on Friday that on Sept. 22 shareholders of the combined Metrovacesa/Gecina group Joaquin Rivero, Bautista Soler and Roman Sanahuja signed up to some changes in the initial spin-off agreement.

These included a statement that the split would not go ahead if shares in either of the companies were sold.

Source: reuters.com