Financial Times FT.com

Failure of Habitat rescue fuels property fears

By Mark Mulligan in Madrid

Published: November 28 2008 18:31 | Last updated: November 28 2008 18:31

Spanish property group Habitat filed for creditor protection owing €2.3bn ($2.9bn), amid signs that last-ditch efforts to rescue other developers were also in trouble.

The Barcelona-based group, created by a highly leveraged takeover two years ago, said on Friday it had taken the decision to “protect as best as possible the rights of creditors”, which include the country’s biggest banks.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this