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]