Habitat, which borrowed to buy a unit of Madrid-based builder Grupo Ferrovial SA in 2006, needs the loan after violating terms of debt agreements by missing earnings and sales targets. The company, the biggest real-estate borrower to seek new financing as Spain's decade-long property boom ends, will agree to sell assets to pay part of the seven-year loans, the bankers said.
Twin Falls SL, the Spanish real-estate venture part-owned by Merrill Lynch & Co., sought court protection from creditors in Madrid last week.
