Spain's property market crash claimed another victim on Tuesday, as real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.
The move takes the property developer, which had 3.6 billion euros ($4.8 billion) of debt at the end of September, closer to becoming Spain's second-largest bankruptcy after Martinsa Fadesa, which defaulted on 7 billion euros of debt in 2008.
Dozens of property companies have collapsed in Spain, where house prices have fallen around 40 percent since their 2007 peak. With the country locked in a deep recession, analysts expect prices to fall further still.
Spain's banks were crippled by the property market bust, eventually requiring the state to agree a European bailout for its lenders of almost 40 billion euros last year. Indebted property firms have asked banks for debt relief but patience is wearing thin among lenders saddled with soured property assets.
Reyal Urbis is 70 percent owned by construction magnate Rafael Santamaria and its creditors include Santander, BBVA, Bankia and Banco Popular.
The company, which valued its property portfolio at 4.2 billion euros in June 2012, said it would continue to operate as permitted by Spanish insolvency laws.
Its insolvency petition now goes to court and its fate will be in the hands of a judge.
Reyal Urbis said Santamaria would remain at the helm of the company and he still hoped Reyal Urbis could reach a deal with its creditors, given "the good will of all negotiating parties".
The company had until Feb. 23 to reach a debt restructuring deal with the banks or file for insolvency. Sources close to the matter told Reuters on Friday that creditors had rejected the company's 3.6-billion-euro proposal.
Trading in the company's shares was suspended on Tuesday, Spain's stock market regulator said. The stock had plunged 99 percent since June 2007 to close at 0.124 euros on Monday.
At the end of 2011, Reyal Urbis owned some 888 finished homes in a country where over a million homes lie empty. The company also had 8 million square metres of land for development and 237,000 square metres of commercial property, including offices, shopping centres, industrial property and hotels.
Suspicions that it was started malicously has possibly strengthened. Sources claim that the fire spread quickly because there was more than one fire. Witnesses stated inter alia, have seen an unidentified jeep coming from a farm between Ojén and Marbella exactly where the fire then got an awesome course. In Marbella, it was announced yesterday that it is now able to restore electricity, water and telephone networks in all affected areas. It is now under the companies just the kind of disruption that is "normal". In areas Elviria Ricmar has repaired water pipes, power lines and 3000 meters telephone and fiber optic cable. It has also been launched several campaigns to restore nature and conduct tree plantings. Biologists say that tree planting may be necessary until next year. The hotel chain Fuerte Hoteles has among other things promised to donate a tree for every hotel guest you have in Marbella. The hotels have also started a fundraiser where guests can help by buying a tree, which will then be planted in the affected area.
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Police and Ambulances hurried to evacuate as wild fires quickly spread our reporter on the scene photographer the devastation
We had a tiny little fire today, which they put out.
Then an hour later, it restarted, and spread along 2 Klm of the coast.
It was horrible seeing old people being run out of their homes, and carried through the smoke by police and ambulances.
The pictures really doesn,t do show bad it really was.many houses have gone
The results were both interesting and beautiful. The video is a view through an 8x microscope zoomed in on the dorsal side of the caudal fin of the squid. We used a suction electrode to stimulate the fin nerve. Chromatophores are pigmeted cells that come in 3 colors: Brown, Red, and Yellow. Each chromatophore is lined with up to 16 muscles that contract to reveal their color.
Paloma T. Gonzalez-Bellido of Roger Hanlon's Lab in the Marine Resource Center of the Marine Biological Labs helped us with the preparation. You can read their latest paper at:http://rspb.royalsocietypublishing.org/content/early/2012/08/13/rspb.2012.1374
Spanish Cabinet has published a list of medicines which the Spanish Social Security will no longer pay for from September 1.La Fe Hospital Valencia - Photo EFE The list details 417 drugs of the established 425, but 100 of those will continue to be financed by the state if the doctor thinks it convenient. Charges will be enforced from September 1. Most of the drugs on the list are for the treatment of minor conditions, but patients must now pay the full price for drugs indicated for skin irritation, cough, diarrhea and constipation. Minsiter for Health, Ana Mato, thinks they can obtain savings of 458 million € from September to June. 425 drugs will be excluded from the public health system but the list just published gives only 417. It will be revised periodically. Patients with chronic conditions, such as cancer, those with intestinal problems and inflammations, irritable bowel syndrome, paraplegia, and diverticulosis, will not have to pay the charges, the Health Department arguing they would be excessively prejudiced. We note some popular brands which will now be charged for, Almax, Emportal, Duphalac and Fortasec.
The 48-year-old has taken charge of preparations for the wedding that is expected to take place end of September. He has flown in a team of builders to renovate the home he shares with Jolie in southern France.
"Angelina isn`t so bothered about when they tie the knot, it`s Brad who is piling on the pressure," a website has quoted a source as saying.
"He wants the main house to be finished when the event takes place, even though the close friends and relatives who are invited aren`t the types to care. He wants everything to be absolutely perfect," the source added.
