Spanish developer with project in Sofia files for bankruptcy protection

Article Date : 15 July 2008
News Section: Bulgaria

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...

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Article provided by The Sofia Echo.
Read the full article here: http://www.sofiaecho.com/article/spanish-developer-with-project-in-sofia-files-for-bankruptcy-protection/id_30547/catid_74

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