The Spanish real estate Martinsa-Fadesa, symbol of the excesses that led to a bubble burst of construction in 2008, agreed on Monday to ask its liquidation, following the rejection of its plan to exit bankruptcy, announced the company said in a statement.
“The Board of Directors held today, has agreed to request the opening of liquidation”, the company, which has an estimated debt of nearly 7,000 million said euros (7,800 million).
According to the 2014 accounting report, released on Friday, the group with presence in Spain, France, Romania, Hungary, Poland and also in Mexico and Morocco, had a debt of 7,000 million euros , with assets of 2,400 million euros.
The bursting of the housing bubble Spain plunged into a deep recession that only managed to rebound in 2013, although unemployment is around 23.7%.
In addition to Martinsa-Fadesa, several Spanish real estate groups went into bankruptcy in recent years. The developer Reyal Urbis, with a debt of over 3,600 million euros, also presented a plan to avoid liquidation, while ReyalHabitat, with about 2,800 million and Sacresa, with 1,800 million euros, are also in progress.
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