Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Pedralbes real estate company has asked to be declared insolvent due to a lack of liquidity and the fact that it is unable to secure credit to continue with its activities. Pedralbes has 273 workers, of which it plans to dismiss 240 by means of a Layoff Plan. Pedralbes and another four companies of the group (Comfour, Copesa, Alfaisa and Cogesa Gracia) have accumulated a debt of 154.6 million euros, of which more than 90 million are from a bank credit granted by a group of savings banks which the developer has unsuccessfully tried to renegotiate. The company has also run up non-payments to its suppliers to a value of over 15 million euros.
Eurofound (2008), Inmobiliaria Pedralbes, Bankruptcy in Spain, factsheet number 67654, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67654.