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Day by day more fresh news:
Today the starring star is the spanish property developer Llanera. We have know throught the press that this property developer that has grown in a spectacular way in this years is near bankrupt.
– They cant pay 400 suppliers and are trying to fire employeess:
http://www.elmundo.es/mundodinero/2007/09/20/economia/1190277625.html
-They will try to sell land to pay the bills:
http://www.cotizalia.com/cache/2007/09/20/94_llanera_master_apuros.html
Llanera is one of the biggest property developers of the country so we can imagine the troubles in which the smallest developers are right now in the actual situation.
The good side of all of this is that some bargais will be available.
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Does not necesarry work this way Peter.
Smaller companies can be better managed and they should be lean & mean to survive which ever feild they are in. Due to financial, technical and staff constraints they dont get involved in overtrading.
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Report in English on Llanera, for anyone interested:
http://www.ft.com/cms/s/0/b9579eaa-67ce-11dc-8906-0000779fd2ac.htmlWhat is it with Spanish Property Developers & Football Clubs ❓
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More news today:
An USA bank claims a debt of about 150 millions of euros to Llanera:
http://www.cotizalia.com/cache/2007/09/24/7_lehman_contra_cuerdas_llanera_reclamarle_prestamo.html
Such type of debts here in Spain can create another finance crisis but this time originated here in Spain.
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More news:
around 20 suppliers of Llanera have joined behind the lawyer company Iure Agobados in order to claims for the payment of their debts with Llanera:
http://www.invertia.com/noticias/noticia.asp?idNoticia=1823607
Is Llanera gets to be the first high profile spain dead company because the finance throubles a lot more will be later in its way.
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More news today in ELPAIS.COM, the newspaper with more audience in Spain:
It talks also about the suppliers that have joined to claim for his money and also a bit about Llanera.
A big property developer aimed a medium class britishs with more media that real facts.
At the end of the article it mention the future development in Caravaca de la Cruz (Murcia) that is in risk of converting in a casttle in the air.
Conclusion:
Buying an off plan property in Spain nowadays is a very risky action and if you want to buy best to buy one that is totally completed so the risk will be almost null. (Only the probably drop in prices, but when you buy a house to live probably you dont mind if its price will drop, or not?)
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Today is the day:
Llanera is dead
http://www.cotizalia.com/cache/2007/10/01/80_empresas_grupo_llanera_acogen_suspension_pagos.html
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Llanera was well-know in UK by patrocining the Charlton Athetic:
http://www.llanerainmobiliaria.com/enlaces/charlton.htm
Who will be the next big spanish victim? Polaris-World?
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