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Spanish real estate group files for bankruptcy

Posted on 20 February 2013

Reyal Urbis SA , a real estate company that became a stock market favorite during Spain’s property boom, said Tuesday it will file for bankruptcy protection.Reyal Urbis, born out of the merger of Inmobiliaria Urbis and Construcciones Reyal just one year before the country’s real estate market crashed in 2008, said in a statement that it remains confident that, while under protection, it will come to an agreement with its creditors.
If Reyal Urbis defaults on at least part of its debt payments under Spanish law, as appears likely, it would become the second-largest default in the country’s corporate history…………………………………Full Article: Source


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