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Spain property news: Developer seeks protection from creditors
Country: Spain
18 September 2009 The Spanish property developer Nozar has sought court protection from its creditors after it failed to reach a deal with its banks over restructuring €700m (£630m) in debt, according to Spanish Property Insight. Nozar’s move comes following four months of failed to negotiations with bank creditors. Bankruptcy of liquidation now looks likely for the Spain property company. Nozar is the latest Spain property developer to fall victim to a lethal combination of excessive debt and a collapse in Spanish property sales, following in the footsteps of Llanera, Martinsa Fadesa, Habitat, Tremón, Aifos, Constructora Pedralbes, Edisan, Obrum, DHO and Begar, amongst others. Nozar’s financial difficulties illustrates that the Spanish property market is still facing difficulties.
See Also: Marc Da-Silva, Nozar, Spain
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