Valencian developer Obradis files for bankruptcy
The Spanish property crisis has claimed another victim. The Valencian developer Obradis has been forced to seek protection from its creditors in the face of plunging sales and rising financial costs.
With 5 developments partly sold and under construction, including its Balco de la Vila building in the popular resort town of Javea, Obradis has run out of the cash it needs to finish the projects and pay its debts. Obradis borrowed more than 50 million Euros in 2006 when credit was plentiful and cheap.
People who have bought on one of Obradis’s unfinished developments should consult a lawyer right away.
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Valencian developer Obradis files for bankruptcy 
