Blogging from the Highlands of Scotland until I return to the Murcia region of Spain
in the Autumn for a month or so

'Fair and softly goes far' - Miguel de Cervantes

Wednesday, 3 September 2008

Martinsa-Fadesa fails to submit accounts on time

Martinsa-Fadesa, a giant Spanish property developer which went into receivership in July with debts of EUR5.2bn (GBP4.3bn, USD7.5bn) has failed to submit its accounts for the half-year on time. According to the company they have notified the Comisión Nacional del Mercado de Valores (CNMV) that there will be a delay of "a few days more", because of the complexity of preparing the accounts and their desire to have the approval of the liquidators. The CNMV, for its part, denies having received the notification referred to by the company. According to this report, the delay of "a few days more" acctually means that the results will not be delivered until 26th September 2008. The chairman of the company, Fernando Martín, declared personal bankruptcy shortly after the company went into liquidation in an effort to separate his personal assets from those of the company.

For those not familiar with the Martinsa-Fadesa collapse, here is an article published at the time.

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