The Spanish real estate developer Habitat filed for protection from creditors which hold 2.3 billion Euros in debt.

The main creditors of the developer are La Caixa, Caja Madrid, Banco Santander, BBVA and Banco Popular, a total of 38 entities. This is not the first real estate company to go into administration. The total debt of real estate companies in administration is over 10,500 million Euros.

The president of Habitat, however appears rather optimistic as he announced that “the company will face all their obligations and has enough active capital to confront its debt”.

Image by gahdjun under Creative Commons