New times for the Vigo Nautical on the financial plane (Photo Pedro Seoane)

Historical white fumata achieved by José Antonio Portela and his team... the Real Club Náutico de Vigo has emerged from the "creditor contest," in which it was immersed four years ago and whose development was very concerned about the centenary and emblematic Viguese club.

In the fact that its rectors managed to carry the rudder of the Nautico with a very difficult economic situation, especially since 2016... financial distress that fortunately ended yesterday... after a meeting of creditors was held in the Court of the Commercial of Vigo, the same as in December 2016 declared in competition the Club of As Avenidas.

Presiding by the branch administrator, Tomás Santodomingo, and acting as secretary, the legal counsel of the Court's Administration of Justice, in this key event the main proposal of the Nautico came forward. The board was only a few minutes long since 12 creditors, representing 67.23 per cent of the total amount of the regular liability, had previously been committed: that is, to those who are owed EUR 1,727,934 out of the amount of EUR 2,570,079. Abanca's approval of the main creditor Abanca with a debt of the order of two hundred thousand euros was fundamental.

The summary of this whole issue is that the Club that Portela presides has managed to reduce its debt by about two million euros: from just over five to just 3.1 million, after these four years in "creditor competition." An agreement was reached with suppliers and public administrations with whom it maintained debt: Social Security, Harbour Authority of Vigo de Vigo, Tax Agency and Concello de Vigo... with which it has agreed a period of five years to settle the debts... on the other hand with Abanca the time achieved is ten years.