Property group set to be first Spanish victim

A Spanish property developer feted for its astute management and aggressive marketing is likely to become Spain's first high-profile victim of the credit squeeze affecting much of the world's financial system. Llanera, which develops holiday homes around the Mediterranean city of Valencia, is locked in talks with creditors on restructuring about €300m ($420m, £210m) in debt. Under normal circumstances, it might have been thrown a lifeline by its banks to stave off bankruptcy.