Friday, May 23, 2008

More construction companies in Spain 'go to the wall'

The important construction company Seop has filed for voluntary bankruptcy. It is a subsidiary company of the Eagle group, currently with a number of projects under construction in Albacete, Murcia and Alicante. 70 subcontractors and suppliers on the Costa Blanca are left with unpaid bills totalling 10 million Euro. The Basque construction company Ereaga has suspended payments, as too has the Canarian company Mazotti and the Catalan Sanchez Romero. The Cosmani property group, Immobiliaria Amuerma and Jale Construcciones in Cadiz, the Madrid builder Prasie and Construart Valencia have done likewise.

The sale of the shares in the leading property company Colonial to the Dubai Investment Fund is again in danger, due in part to the banks not agreeing the deal. The shares of Colonial fell another 23.53% last week. Also the promotion company Martinsa-Fadesa (biggest in Europe) has problems in refinancing its debts, and has missed a part instalment of 362 million Euro from total debts of 2,800 million that should have been paid on the 26th of March.

1 comment:

Anonymous said...

These building cies have a owner dont they .

...even if he goes to tombouctou before declaring bankrupcy he has probably houses that can be taken away if he does not finish the work started . Thats the law.. waky waky
The truth and only problem is that impunity is never a good thing when it comes to juges and politicians.