Torrevisa Masa in debt trouble

MASA International was bought by local Torrevieja developer Torrevisa back in 2003 and trades under both names, for marketing and branding reasons.

Torrevisa-MASA International, one of the best-known names in Costa Blanca real estate has officially let it be known through the courts that they have a recognized debt of 102 million euros. MASA International was bought by local Torrevieja developer Torrevisa back in 2003 and trades under both names, for marketing and branding reasons. The MASA brand has long been marketed to Northern Europeans and Expats through weekend trade shows throughout the UK and Europe.

According to official Alicante Province invoicing records; Torrevisa-Masa International has been one of the foremost construction and promotional companies in the region. In the last decade they have become one of the three largest construction companies building over 30,000 houses in 25 years, mainly second residence homes. It seems that the group have not only been hit hard by the global recession and Spanish housing crises but also the downturn in their Hotel business plus other urban housing projects as far away as Brazil have accounted for their downfall.

The filing of this court action is one of the most significant to date and largest from the construction sector, in Alicante. Bankruptcy and Chapter 11 laws are different in Spain and this filing is to protect them from creditors. The amount stated may rise or fall depending on other creditors coming forward to the courts.

The courts shall now decide on the next steps to be taken to try and resolve these incurred debts, designating administrators to supervise the decisions of Torrevisa to guarantee their viability. With thousands of their homes still unfinished or lying empty, house buyers relying on their 10-year building guarantees, many shall be hoping that they survive these troubled times to fulfil their contractual obligations.