The Spanish parquet manufacturer Maderas Iglesias, which had only in May 2011 successfully concluded a three-month provisional insolvency process („Preconcurso de acreedores"), was forced after all to file for bankruptcy („Concurso de acreedores") at the beginning of July 2012. According to a report published in the „Faro de Vigo" newspaper, the business situation of the company had continuously deteriorated in recent months, attributed in part to continuing weak demand on the Spanish and US markets. Debts at Maderas Iglesias have apparently now reached roughly €75m, of which a total of €45.4m are accounted for by consortium loans. The remaining debts of €30m are made up primarily of liabilities vis-à-vis suppliers.
Source:
http://www.euwid-wood-products.com/news/building-products/single/Artikel/maderas-iglesias-files-for-bankruptcy-after-all.html
