Spanish developer files for protection, cites “radical stagnation” in property market

Article Date : 16 July 2008
News Section: Spain

Spanish developer Martinsa-Fadesa’s move into administrative protection is sure to send shock waves through the Spanish property market. Described as the “largest ever bankruptcy process” in Spain since the introduction of new rules in 2004, the property company listed more than €5 billion, or $8 billion, in debt. The Spanish banks carrying the bulk of...

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Article provided by International Herald Tribune.
Read the full article here: http://blogs.iht.com/tribtalk/properties/roof/?p=456

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