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Spain’s Montebalito Closes Hotel Division, El Economista Reports

Aug. 16 (Bloomberg) -- Montebalito SA, a Spanish company with investments in real estate and renewable energy, closed its hotel unit and sought protection from creditors for the division, El Economista reported, without saying how it got the information.

The company has three months to renegotiate 360,000 euros ($519,000) of debt linked to the unit and will declare the division bankrupt if no agreement is reached, the newspaper said.

To contact the reporter on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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