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...
Posts
