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Spanish property developer Martinsa files for bankruptcy

Spanish property developer Martinsa Fadesa said Monday it would file for liquidation bankruptcySpanish property developer Martinsa Fadesa said Monday it would file for liquidation bankruptcy in one of the country’s biggest insolvencies, which comes as the sector shows signs of recovery from a 2008 real estate collapse. Martinsa Fadesa, a builder of homes, malls and golf courses which is active mainly in Europe, said Friday it holds assets worth 2.4 billion euros ($2.7 billion) to meet debts worth 7.0 billion euros, making its collapse one of the biggest bankruptcies in Spanish history. The company sought voluntary creditor protection in July 2008 after it failed to get a loan to refinance its debt and became the first major casualty of the crisis in Spain’s housing market. Banco Popular, Abanca, Caixabank and Spain’s so-called “bad bank” Sareb, which was set up to cleanse Spain’s rescued banks of their soured property loans and real estate, all rejected Martinsa Fadesa’s plan, the reports said.

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