Reyal Urbis not meeting business plan - bank

MADRID, May 26 (Reuters) - Spanish property firm Reyal Urbis (REYU.MC) has told its creditor banks it is not meeting the business plan it agreed for a debt refinancing plan, a director from savings bank Caja Madrid said on Tuesday.

"They called us to say they're not meeting the business plan. There's no renegotiation process open and no deadlines," director Alberto Manrique told a real estate sector conference.

Reyal Urbis reached an agreement with its creditor banks, led by Santander (SAN.MC) and Banesto (BTO.MC), at the end of 2008 to refinance debt which totalled 4.9 billion euros ($6.85 billion) in March.

(Reporting by Andres Gonzalez; Writing by Tracy Rucinski)