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RBS facing loss after Spanish property firm collapse
Royal Bank of Scotland has been caught up in one of Spain's largest ever bankruptcies.Royal Bank of Scotland has been left facing an €212m (£170m) loss after the collapse of one of Spain’s largest housebuilders. Rivero y Soler, which is controlled by the Rivero family and Bautista Soler, yesterday filed one for one of the largest bankruptcies in Spanish history with debts totalling €1.6bn. RBS is among the largest creditors to the struggling Spanish builder, along with several domestic lenders. The bankruptcy follows the failure by two of the company’s subsidiaries, Alteco and MAG Import, to refinance an outstanding loan. Together the two companies own a 31pc stake in Gecina, France’s largest property company, raising questions about the future of the holding.....Read more HEREYou must be logged in to post a comment.
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