MADRID Nov 13 Grupo Rayet, a leading
shareholder in listed Spanish property group Quabit,
said on Tuesday it had filed for bankruptcy after failing to
renegotiate its debt.
Grupo Rayet, which owns 42 percent of Quabit, said it sought
bankruptcy protection after one non-financial creditor held out
in talks on restructuring.
The failure will not affect the business activities of the
company or those in which it holds stakes, Rayet said.
Rayet has 593 million euros ($754 million) of liabilities,
302 million of which is financial debt, according to data from
Quabit provided last week when news of a potential bankruptcy
Separately, Quabit, which came to symbolise Spain's real
estate boom and bust, announced a nine-month loss of 29 million
House prices in Spain have fallen up to 40 percent from
their 2007 peaks, and banks have had to take huge write-downs on
property assets. More than half a million new homes in Spain lie
($1 = 0.7867 euro)
(Reporting by Tomas Cobos; Writing by Jesus Aguado; Editing by