Spain's retailer DIA avoids insolvency after agreement with Santander-source

Credit: REUTERS/MARCELO DEL POZO

MADRID, May 20 (Reuters) - Spanish retailer DIA DIDA.MC on Monday avoided filing for insolvency after it reached an agreement with Santander SAN.MC on its debt restructuring, a source with knowledge of the matter said.

Santander's Chairman Ana Botin previously said on her Twitter account that the investment fund of Russian tycoon Mikhail Fridam had agreed to work on changing the financing terms.

Santander, which holds the lion's share of the supermarket group's debt with banks, declined to comment.

(Reporting By Jesús Aguado; Editing by Isla Binnie)

((jesus.aguado@thomsonreuters.com; +34 91 585 8339; Reuters Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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