Re: Grupo Sanchez in trouble



Reported over the weekend in the local press that Grupo Sanchez (AKA Sanchez Romero) has filed for protection from creditors. This company has big developments in Denia (Alicante), Doña Julia, on the Costa del Sol, and Brazil. They had celebrity endorsements from Antonio Banderas and Melanie Griffith. Just goes to show what little use celebrity endorsements are.

Grupo Jale went under the other day. They have several developments on the Cost del Sol.

I also read that Grupo Lábaro are having cash flow problems. This is most worrying. If Labaro are in trouble, then nobody is safe. Apparently they are having to flog assets in a emergency to raise 26 million Euros, but they have NOT yet had to file for protection from creditors (known in Spain as presentar un concurso de acreedores) so they may pul through.

Now developers are dropping thick and fast.