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Gloom clouds Spain's real estate
Source: Agencies |
June 29, 2010, Tuesday
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SPANISH real estate developer Sacresa said yesterday it would file for protection from creditors holding 1.75 billion euros (US$2.15 billion) in debt.
A spokeswoman said the decision came after three months of talks with banks over how to refinance the debt ended without a deal.
It is the third major Spanish developer to file for protection since 2008, evidence of the crisis in Spain's once-booming real estate market.
In July 2008, major developer Martinsa-Fadesa filed for protection from creditors with a debt of 5 billion euros. Four months later, Promociones Habitat followed suit holding 2.3 billion euros in debt.
The spokeswoman says the court will appoint an administrator to examine the company's accounts and decide its future.
Barcelona daily La Vanguardia said the pool of banks involved in the negotiations did not consider the company's viability plan to be credible. It said the company wanted to shed 30 percent of the debt by handing over assets to the banks.
The spokeswoman says lawyers would make the filing at Barcelona's No. 2 mercantile court. A court spokeswoman said most likely the case would begin to be processed today.
Sacresa, one of the principal developers in the northeastern region of Catalonia, has 150 employees. It is controlled by the Sanahuja family.
A spokeswoman said the decision came after three months of talks with banks over how to refinance the debt ended without a deal.
It is the third major Spanish developer to file for protection since 2008, evidence of the crisis in Spain's once-booming real estate market.
In July 2008, major developer Martinsa-Fadesa filed for protection from creditors with a debt of 5 billion euros. Four months later, Promociones Habitat followed suit holding 2.3 billion euros in debt.
The spokeswoman says the court will appoint an administrator to examine the company's accounts and decide its future.
Barcelona daily La Vanguardia said the pool of banks involved in the negotiations did not consider the company's viability plan to be credible. It said the company wanted to shed 30 percent of the debt by handing over assets to the banks.
The spokeswoman says lawyers would make the filing at Barcelona's No. 2 mercantile court. A court spokeswoman said most likely the case would begin to be processed today.
Sacresa, one of the principal developers in the northeastern region of Catalonia, has 150 employees. It is controlled by the Sanahuja family.
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