Problems for Spanish developer
The Spanish property developer Nozar has sought court protection from its creditors after it failed to reach a deal with its banks over restructuring €700m (£630m) in debt, according to Spanish Property Insight.Nozar’s move comes following four months of failed to negotiations with bank creditors. Bankruptcy or liquidation now looks likely for the Spanish property company.
Nozar is the latest Spain property developer to fall victim to a lethal combination of excessive debt and a collapse in Spanish property sales, following in the footsteps of Llanera, Martinsa Fadesa, Habitat, Tremón, Aifos, Constructora Pedralbes, Edisan, Obrum, DHO and Begar, amongst others.
Nozar’s financial difficulties illustrates that the Spanish mainland property market is still facing difficulties whilst neighbouring Tenerife and the islands seems to be over the worst.
