Valencia-based property company Llanera risks falling victim to the combination of the global credit crisis and the current slowdown in the Spanish real estate market. The company's board held an emergency meeting on Friday to discuss the problems it is facing as it attempts to refinance EUR 304 mln of debt. Its banks, Grupo Bankaja and CAM, are unwilling to help as they believe the company's model is not viable, newspaper Cinco Dias reported.
Valencia-based property company Llanera risks falling victim to the combination of the global credit crisis and the current slowdown in the Spanish real estate market. The company's board held an emergency meeting on Friday to discuss the problems it is facing as it attempts to refinance EUR 304 mln of debt. Its banks, Grupo Bankaja and CAM, are unwilling to help as they believe the company's model is not viable, newspaper Cinco Dias reported.
Llanera, which is owned by the Gallego family, is considering a number of options to solve its credit difficulties and avoid bankruptcy. These include the sale of assets, renegotiation of its debt and staff cuts. Llanera confirmed to the Spanish media that it was trying to persuade its creditors to accept some of its land as payment for its debts.
Llanera has offices in London, Seville and Valencia and employs 500 people. It reported sales of EUR 418 mln last year.
