Nozar declares insolvency
11.09.2009
Spanish real-estate company Nozar, one of the symbols of the building boom in Spain, filed for bankruptcy protection today, the old cessation of payments procedure, in front of the second section of the Madrid civil court.
Nozar, according to company sources, was not able to refinance its 700-million euro debt with banks and creditors. The group is now part of a long list of real-estate companies that have failed or went bankrupt since July 2007 when the speculative bubble of the real-estate sector burst. Among the companies who have declared insolvency are Llanera, Martinsa Fadesa, Habitat, Tremon, Aifos, Pedralbes, Edisan, Obrum, DHO and Begar.
Source: ANSAmed
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