Spanish builder goes bankrupt

City A.M. Reporter
SPANISH real estate company Reyal Urbis filed for insolvency yesterday after failing to renegotiate debt with its creditors, the latest victim of Spain's property market crash.

The move takes the property developer closer to becoming Spain's second-largest bankruptcy after Martinsa Fadesa, which defaulted in 2008. Dozens of property companies have collapsed in Spain, where house prices have dropped 40 per cent since their 2007 peak.