Spanish property giant collapses

The bursting of Spain's property bubble has claimed another victim with developer Reyal Urbis filing for insolvency.

That comes after it failed to renegotiate its more than three and a half billion euros of debt with its creditors. They include Santander, BBVA, Bankia and Banco Popula.

The insolvency petition now goes to court and a judge will decide its fate.

...
http://www.euronews.net/