Wed May 8, 2013 4:44am EDT
* Agrees to convert a 115 million euro loan into shares
* Deal gives bad bank Sareb an 8.9 percent stake
* Firm must restructure $1 billion of debt by end-May
* Shares surge 41 percent (Adds price, Q1 results and shares)
MADRID, May 8 (Reuters) - Spanish property firm Realia agreed to convert a 115 million euro ($150 million) loan into shares as part of a plan to restructure debt and avoid insolvency, sending its stock sharply higher.
Realia, controlled by Spanish builder FCC and nationalised lender BFA-Bankia, was hit hard by a property crash. It has until the end of May to agree on restructuring terms for some 847 million euros ($1.1 billion) of debt.
Under a plan agreed on Wednesday, Realia may convert the loan, originally made by Bankia, into shares at a value of 1.92 euros each in a deal that would give Spain's bad bank Sareb an 8.9 percent stake in the property firm.
FCC's stake in Realia, which also reported a first-quarter net loss of 10.7 million euros on Wednesday, will rise to 33.6 percent from 30 percent currently as part of the deal, while BFA's 27 percent stake will fall.
Shares in Realia, which have lost a third of their value since the start of the year, surged 41 percent to 0.71 euros.
FCC, also under pressure to cut debt, is trying to sell around 2.2 billion euros of assets including Realia, while nationalised Bankia has also said it planned to sell its stake.
Realia's net debt was 2.2 billion euros at the of March. ($1 = 0.7642 euros) (Reporting By Tomas Cobos and Tracy Rucinski; Editing by Erica Billingham)
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