Words: Ashley Rigg
Published: 15th September 2009
Spain: Huge developer seeks creditor protection
Spanish company Nozar, one of the country’s largest developers is seeking protection from its creditors after failing to reach a deal with its financiers over the re-structuring of 700 million Euros of debt, reports Spanish Property Insight.
Some industry commentators are speculating that Nozar has gone under because the banks have decided to stop bailing out developers by swapping debt for property. If this is true we can expect Nozar to be one of many high profile casualties in the months to come.
Nozar follows in the footsteps of Llanera, Martinsa Fadesa, Habitat, Tremón, Aifos, Constructora Pedralbes, Edisan, Obrum, DHO and Begar, amongst others.
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Spanish Property Insight
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