The Sanahuja family has announced it will make an application for bankruptcy protection tomorrow, Tuesday, in what is Spain’s third largest insolvency ever, after Martinsa and Habitat.
The family own the Sacresa real estate company which is the largest promoter in Cataluña, and was once the largest real estate company in Spain when it took control of Metrovacesa.
Barcelona newspaper, La Vanguardia, is reporting Monday, that the company has not managed to find bank credits to refinance its debt which has been estimated to have reached 1.8 billion Euro. Reports indicate the pool of banks involved did not consider the company’s viability plan to be credible. The plan wanted to lose 30% of the debt by handing over assets to the banks.
The family own the Sacresa real estate company which is the largest promoter in Cataluña, and was once the largest real estate company in Spain when it took control of Metrovacesa.
Barcelona newspaper, La Vanguardia, is reporting Monday, that the company has not managed to find bank credits to refinance its debt which has been estimated to have reached 1.8 billion Euro. Reports indicate the pool of banks involved did not consider the company’s viability plan to be credible. The plan wanted to lose 30% of the debt by handing over assets to the banks.
