Building firm sequesters AZ stadium

The knock-on effects of the bankruptcy of independent bank DSB are now being felt with the sequestration of AZ football club’s Alkmaar stadium.

DSB was declared bankrupt on Monday after efforts at the weekend to find a buyer or refinancing package failed.
AZ is owned by DSB Beheer, the bank’s holding company as is a new modern art museum currently being built near by.
Midreth, the construction company building the Scheringa Museum for Magical Realism says its bills are no longer being paid and has asked a court to sequester the stadium.
According to the Telegraaf, the seizure will not affect the stadium or the training grounds because the club has a tenancy agreement with DSB Vastgoed (property) which runs until 2036. Even if the stadium changes owner, that will not affect the agreement, club director Toon Gerbrands said last week.
AZ take on England’s Arsenal in the Champions League competition this evening.

Holding company

DSB owner Dirk Sheringa told tv talk show Pauw & Witteman on Monday evening he is applying to have DSB Beheer made bankrupt as well. Scheringa used the holding company to fund his sport and art interests.
‘That means I have lost football club AZ, the museum and the art collection,’ he told the show. ‘I will have left my house in Spain, in Drenthe and the house I live in.’
Scheringa said he hoped the museum in Opmeer would be taken over and completed.


Meanwhile the curators who are overseeing the dismantling of DSB bank said on Monday savers with more than €100,000 in DSB would get most of their money back. Savings up to €100,000 are covered by the bank guarantee scheme and the extra money would come from the assets sale, they said.
Although finance minister Wouter Bos said savers would be compensated before Christmas, the curators said this would be unlikely, the Volkskrant reports on Tuesday.
More on this
DSB situation ‘untenable’ says finance minister
DSB boss: we were destroyed
DSB in talks with US bank, Dutch say no
Fees of up to 80% common in credit insurance
Insurance agents warned about DSB
MPs demand answers from finance minister
DSB in hands of administrators
DSB boss took millions from ‘his’ bank
Should the government bail out DSB? Take part in our poll

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