Taken from
Reuters
MADRID, April 15 (Reuters) - Three Spanish property firms are threatened with administration or full liquidation, newspapers reported on Tuesday, after failing to pay creditors as the country's housing crisis deepens.
Newspapers Expansion and El Pais quoted a Valencia court as saying that holiday home developer Llanera, which sought protection from creditors late last year, may have to wind up its construction division Construcciones y Obras.
According to Expansion, Llanera has debts of 269.77 million euros which could be covered by the sale of assets in its property portfolio worth 304.8 million.
However at Construcciones y Obras, debts outweighed assets by 37.2 million euros, the paper quoted court documents as saying.
Llanera was not immediately available to comment on the report.
Spanish property companies are facing the twin shocks of sharply slower sales and banks suddenly refusing to lend them money as a global credit crunch takes hold.
Meanwhile El Pais reported that a commercial court in Barcelona has received a request to push listed-developer Aisa (AISA.MC: Quote, Profile, Research) into administration. This gives companies temporary protection from creditors while they restructure their business.
Aisa said on Monday that it had received a demand from insurer Asefa to pay 1.3 million euros of debts. Aisa said that it had not received any judicial notification.
Aisa shares had fallen 4.1 percent to 1.66 euros by 1025 GMT, and have now fallen 67 percent since the start of the year.
The Barcelona court also received a request to force property company Fbex into administration.
The firm is trying to refinance debt of close to 600 million euros, El Pais said.
Neither Aisa nor Fbex were immediately available for comment.
In the absence of bank funding, many firms are trying to sell assets to finance interest repayments or ongoing projects.