MADRID, Feb 21 (Reuters) - The Miss Spain beauty pageant organiser, Certamen Miss Espana, has become the latest victim of the country’s deepening recession after being forced to file for insolvency.
The organizer of the contest, which began in 1960 but was not run last year, filed for bankruptcy on Feb. 7 with a Madrid court and has a month to declare its debts according to a filing in the official gazette on Wednesday.
Spain has seen a run of companies going to the wall in recent weeks as a government-led clean-up of its banking system has prompted lenders to call in overhanging debts and reject struggling borrowers’ calls to renegotiate lending terms.
The euro zone’s fourth largest economy is in the midst of its second recession since 2009 after the property sector boom turned to bust in 2008, leaving millions out of work and domestic demand plummeting.
The company could not be reached for comment and the group’s official web site was not working. (Reporting By Paul Day; Editing by Helen Massy-Beresford)