Reuters: Bankruptcy News: Alteco, MAG Import bankruptcy filing accepted

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Alteco, MAG Import bankruptcy filing accepted Oct 16th 2012, 12:15 MADRID | Tue Oct 16, 2012 8:15am EDT MADRID Oct 16 (Reuters) - A Spanish court has accepted a filing for bankruptcy from two investment firms that own 31 percent of French property company Gecina. Alteco and MAG Import filed for bankruptcy on Oct. 3 after a bank refused to refinance a 1.6 billion euro ($2 billion) loan, leaving nearly a dozen lenders exposed. Alteco and MAG Import met conditions for voluntary bankruptcy, two Spanish mercantile courts said in documents released on Tuesday. French bank Natixis has the most exposure to the loan, at 266 million euros. Royal Bank of Scotland has 212 million euros tied up in the loan, a source said. Alteco and MAG Import said they had kept up to date with payments on the loan, making this the first bankruptcy filing in Spain in which parties were up to date with payments. Spain's banks have suffered since the country's overheated property market collapsed in 2008 - Banco Popular was also tied up in the syndicated loan.

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