Spain’s troubled real estate firm in emergency talks

15th July 2008, Comments 0 comments

Directors of Martinsa-Fadesa held an emergency board meeting after bankruptcy rumours cause share prices to plummet.

15 July 2008

SPAIN - Directors of Martinsa-Fadesa, one of Spain's largest real estate groups, held an emergency board meeting Monday night after reports that the company may file for bankruptcy caused its share price to plummet for a second session in a row.

Stock market regulators suspended trade in Martinsa-Fadesa stock after it lost 25 percent early in the session. That fall came on the back of a similarly sharp plunge on Friday.

The bankruptcy rumors have surfaced on news that the group is struggling to secure financing.

[El Pais / Expatica]

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