Translate

Tuesday 19 February 2013

real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.


11:51 |

Spain's property market crash claimed another victim on Tuesday, as real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.

 

The move takes the property developer, which had 3.6 billion euros ($4.8 billion) of debt at the end of September, closer to becoming Spain's second-largest bankruptcy after Martinsa Fadesa, which defaulted on 7 billion euros of debt in 2008.

Dozens of property companies have collapsed in Spain, where house prices have fallen around 40 percent since their 2007 peak. With the country locked in a deep recession, analysts expect prices to fall further still.

Spain's banks were crippled by the property market bust, eventually requiring the state to agree a European bailout for its lenders of almost 40 billion euros last year. Indebted property firms have asked banks for debt relief but patience is wearing thin among lenders saddled with soured property assets.

 

Reyal Urbis is 70 percent owned by construction magnate Rafael Santamaria and its creditors include Santander, BBVA, Bankia and Banco Popular.

The company, which valued its property portfolio at 4.2 billion euros in June 2012, said it would continue to operate as permitted by Spanish insolvency laws.

Its insolvency petition now goes to court and its fate will be in the hands of a judge.

Reyal Urbis said Santamaria would remain at the helm of the company and he still hoped Reyal Urbis could reach a deal with its creditors, given "the good will of all negotiating parties".

The company had until Feb. 23 to reach a debt restructuring deal with the banks or file for insolvency. Sources close to the matter told Reuters on Friday that creditors had rejected the company's 3.6-billion-euro proposal.

Trading in the company's shares was suspended on Tuesday, Spain's stock market regulator said. The stock had plunged 99 percent since June 2007 to close at 0.124 euros on Monday.

At the end of 2011, Reyal Urbis owned some 888 finished homes in a country where over a million homes lie empty. The company also had 8 million square metres of land for development and 237,000 square metres of commercial property, including offices, shopping centres, industrial property and hotels.


You Might Also Like :


15 comments:

Anonymous said...

We stumbled
over here coming from a different web page
and thought I might as well check things out. I like what I see
so now i'm following you. Look forward to going over your web page
again.

my blog post - Click here
My page - My Site

Anonymous said...

Upon returning to the starting line, the first player must pass
the sugar cube to the next teammate in line and so on.
Even Halloween parties with the very best Halloween costumes can get dry after everyone's seen the costumes to be seen and passed out the candy to the beggars. The game would begin with them watching the collapse of society and the outbreak of magic around the world.

My webpage ... dancing

Anonymous said...

If the boat is not already equipped with a seat you'll want to get one. You will also have to decide whether you want a tandem kayak or single kayak. Now let us look at the specific needs of a kayak fishermen when it comes to his craft.

my web page - ne yo

Anonymous said...

G# or Ab - (lower) so#, (middle) do, (middle) re# G#, C,
D# keys. As an alternative, it will most likely be far
more powerful for you to learn about audio and chord idea.
Once you know these scales, in all twelve keys, then you have a very
solid foundation on which to learn how to play piano
chords.

Feel free to surf to my blog - piano chords am

Anonymous said...

The players would begin as members of the SCA, going to
Phoenix for the Estrella War. The game was released on August
3, and is in stores now, but probably is where it will remain, sad
to say. Now, one of my co-workers was applying to the Secret Service and
I knew that I was down as a reference for her.

Feel free to visit my site ... halo 3

Anonymous said...

Sun protection gloves are one of the best ways to protect your hands
in the sun, especially when you are driving.
Nobody wants to see someone walking around in a bra and underwear or
boxers. It depends, at least in part, on the class river you're going to be headed out to raft.

Feel free to surf to my site water shoes

Anonymous said...

When it comes to fishing, some goes for fishing as an entertainment activity and many
depends upon fishing for their livelihood. You will also want to have a supply of different lines that you can use.
All the equipment is included in your deep sea fishing charter Cancun and the boat is so nice you will want to take advantage of the
luxury fishing afforded from the Querida del Mar.


Here is my website - http://www.jaknadnu.cz/diskuze/profile.php?id=13677

Anonymous said...

The decor on the inside of the restaurant is absolutely beautiful.
Brazenhead is a great place to go with your family or for a business lunch or dinner, but if you are looking for a party atmosphere, this isn't it. 28.

Also visit my site :: pub quiz anagrams

Anonymous said...

I understand that those are the products designed by manufacturers to make them money and if they are endorsed by winning
popular professionals, sales will be high.
It combines RPG elements and strategy for a very interesting game where you must stop the rows
of pirates ship from making their way down the river. But what happens when a player runs out of race tokens.


Here is my weblog :: mouse click The up Coming Post

Anonymous said...

Some were practical, of course, but others
were psychological and emotional. Below are listed a
few popular pubs where one can chill in Mumbai.
The decline of the East side blues scene was
disheartening, but, it also gave rise to the need
for a fresh start, which came in the form of the next blues-only venue, Antone's, founded by the late Clifford Antone, during the summer of 1975.

Feel free to visit my weblog :: pub quiz answers and questions

Anonymous said...

The only hurdle to accessing this is of course human
limitations and the fact that the brain does not function solely as
a learning tool for the human being. * Team answer sheets - Basically
a grid lined A4 type sheet with answer write in numbered boxes
and a line on top for the team name. The Bull's Head Pub, Bangkok.

Check out my webpage: pub quiz and answers

Anonymous said...

Narrow blood vessels lie alongside the intestines of the earthworm and they absorb the nutrients from the alimentary canal feeding the rest of the body.
Below are listed a few popular pubs where one can
chill in Mumbai. The food is decent and the drink
specials on Tuesdays include $2.

Here is my webpage: pub quiz answers and questions

Anonymous said...

And indeed Robert has made the paramount sterling effort, guided by
his mentor, with beads of perspiration on his brow, Robert has brought it in to the landing
net. You will also want to have a supply of different lines that you can use.
Most of the fishable water in the upper river is boulder runs
in deep canyons and it is scenic.

Feel free to surf to my webpage: Highly recommended Internet site (http://www.dougbrummel.com/)

Anonymous said...

The decor on the inside of the restaurant is absolutely beautiful.
At the end of each round read out the cumulative scores.
Theme Format: It is almost like standard format
of the pub quiz.

Feel free to visit my web-site; free pub quiz and answers

Anonymous said...

DJ spins out on Saturday nights. * Team answer sheets - Basically
a grid lined A4 type sheet with answer write in numbered boxes and a line on top for the team name.
Theme Format: It is almost like standard format of the pub
quiz.

Here is my web blog - best pub quiz team names

Your Links

Related Posts Plugin for WordPress, Blogger...