On 9th Oct IRM entered voluntary bankruptcy with 630 million euros in losses
IRM (Investments in Mediterranean Resorts) yesterday introduced voluntary bankruptcy creditors
with a debt of 630 million (of which Sareb has 309 million transferred
to Bankia and Banco de Valencia) and approximately 581 equity loans.
The reason for this is that Sareb has priority in the
debt collection for banks, so it will keep all assets of this instrumental,
among which there are numerous land and Murcia Intercontinental Hotel .
Source:http://www.elconfidencial.com/empresas/2013-10-10/sareb-lleva-a-concurso-activos-de-polaris-world-y-hace-un-roto-a-sabadell-y-popular_39497/
Thats a bloody big loss!
