• Most Popular
  • Most Shared

Reyal Urbis not meeting business plan - bank

Tue May 26, 2009 7:07am EDT

Stocks

   

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)



More from Reuters

Photo

Obama accepts peace prize, defends "just wars"

OSLO (Reuters) - The United States must uphold moral standards when waging wars that are necessary and justified, President Barack Obama said on Thursday as he accepted the Nobel Prize for Peace. | Video

» More Top News
A crown in a file photo. REUTERS/File
Special Report:

No longer king of the hill

When times were good, hedge fund managers could do what they wanted and people still lined up for a piece of the action. What will the post-crash, post-Madoff, post-Galleon hedge fund universe look like?  Full Article 

Hedge Funds
A view of the Morgan Stanley headquarters building in New York's Times Square, October 20, 2009. REUTERS/Brendan McDermid

Wanted: Wall Street talent

Demand for executive talent is on the rise, but the looming bonus season may see a mass exodus to overseas rivals where pay caps are non-existent.  Full Article 

Executive compensation