Developer Habitat files for protection from creditors
Saturday, November 29, 2008 @ 9:00 AM
MADRID, Spain (AP) — Spanish real estate developer Promociones Habitat filed for protection from its creditors Friday.
It was the second major Spanish developer to fall victim to the crash of the real estate and construction sector, after Martinsa-Fadesa in July.
Promociones Habitat said in a statement it is still a viable company, but has been hit hard by the real estate crash and the credit crunch at banks.
The company acknowledged it is saddled with 2.3 euros ($3 billion) in debt.