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Spanish property developer Martinsa files for liquidation bankruptcy
(MENAFN- AFP) Spanish property developer Martinsa Fadesa, a symbol of the excesses that led to Spain's property bubble collapse, said Monday it would file for liquidation bankruptcy after it failed to win support from banks for its latest debt repayment plan.
"The board has decided today to ask for the start of judicial liquidation," the company said in a regulatory filing. Martinsa Fadesa, a builder of homes, malls and golf courses, has debts worth an estimated 7.0 billion euros ($7.8 billion), making it one of the biggest bankruptcies in Spanish history.
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