Spain's Colonial sees debt deal in Sept

MADRID (Reuters) - Spanish property firm Colonial (COL.MC), slammed by a housing sector collapse, on Sunday said it had reached an initial debt restructuring deal with creditor banks and hoped to reach a final accord by early September.

Colonial said its board had approved a memorandum of understanding with banks such as Calyon, Goldman Sachs and Royal Bank of Scotland.

"The company intends to continue talks with creditor banks with the aim of reaching a formal and binding accord for the complete financial debt restructuring," Colonial said in a statement.

The banks took partial control of Colonial earlier this year when some of its shareholders failed to meet obligations.

Colonial did not say which of its assets would be affected by the restructuring deal.

(Reporting by Andrew Hay; Editing by xxx)