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Spanish developer with project in Sofia files for bankruptcy protection

Article Date : Tuesday, July 15, 2008       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

MartinsaFadesa SA, the largest Spanish developer with a residential project in Sofia, has sought bankruptcy protection, Bloomberg agency reported as quoted by website investor.bg.With the 10year real estate boom in Spain beginning to die down, more companies fail to secure a loan for refinancing old debts. What makes it harder for developers to pay their debts is the sharp decrease in home sales in addition to rising borrowing costs, the agency said...


Article provided by The Sofia Echo.
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