Reuters: Bankruptcy News: UPDATE 1-Spain's Reyal Urbis files for insolvency

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UPDATE 1-Spain's Reyal Urbis files for insolvency Feb 19th 2013, 07:32 Tue Feb 19, 2013 2:32am EST MADRID Feb 19 (Reuters) - Spanish real estate company Reyal Urbis became the latest victim of Spain's property crash fallout as it filed for insolvency after failing to renegotiate debt with its creditors. The property developer was pushed to the brink after a decade-long housing boom turned to bust five years ago. The company's share price has fallen 99 percent since June 2007 to close at 0.124 euros on Monday. Trading in the company's shares was suspended after the announcement on Tuesday, Spain's stock market regulator said. Reyal Urbis is 70 percent owned by construction magnate Rafael Santamaria Trigo and its creditors include Santander , BBVA, Bankia and Banco Popular . The company had until Feb. 23 to reach a debt restructuring deal with the banks or file for bankruptcy. Sources told Reuters on Friday that creditors had rejected the company's 3.6 billion euro ($4.8 billion) proposal. ($1 = 0.7490 euros) (Reporting By Tracy Rucinski and Clare Kane; Editing by Hans-Juergen Peters)

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