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A further Spanish developer files for bankruptcy

Mon 28th Jun 2010

The Sacresa company, owned by Spain's Sanahuja family and once the largest real estate company in Spain, has announced that they will be filing an application for bankruptcy tomorrow.

The Catalan based real estate company became the largest promoter in the whole of Spain when it bought control of rival, Metrovacasa.

Earlier today the Spanish press speculated that the company has not been able to refinance its debt which has been estimated to have reached 1.8 billion Euros. Reports are that the pool of banks involved did not consider the company's viability plan - to hand over assets to the banks in excahnge for 30% of the total value of debt - to be viable.

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