Reyal Urbis says talks to banks over refinancing

MADRID, May 26 (Reuters) - Reyal Urbis (REYU.MC), the Spanish property developer, said on Tuesday it was talking with creditors over changing its business plan to reflect market conditions and therefore the refinancing of its debt.

Earlier on Tuesday a director from shareholder Caja Madrid said Reyal Urbis had told its creditor banks it is not meeting the business plan it agreed for a debt refinancing plan.

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 Ben Harding)