Spain's Reyal Urbis to continue to operate

MADRID Tue Feb 19, 2013 2:50am EST

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MADRID Feb 19 (Reuters) - Spanish property developer Reyal Urbis said on Tuesday it would continue to operate after announcing it would file for insolvency.

In a statement the company said its chairman and controlling shareholder Rafael Santamaria would remain at the helm of the group and was confident an agreement could be reached with the its creditors.

The company said it was filing for insolvency after failing to renegotiate with lenders including Banco Santander, BBVA, Bankia, and Banco Popular. (Reporting By Paul Day; Editing by Clare Kane)

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