Reply To: Developers going bust

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Basque construction company Urazca, has filed for bankruptcy protection

The company has debts estimated at some 65 million €.
One of the most important construction and real estate companies in the Basque Country, Urazca, has applied for bankruptcy protection. The company, headed by the ex President of the Athletic de Bilbao football club, Ignacio Ugartetxe, finds itself facing debts of some 65 million € in addition to other commercial debts of a further 25 million €.

http://www.typicallyspanish.com/news/publish/article_16410.shtml