MADRID, July 14 (Reuters) - Shares in Spanish property company Martinsa Fadesa were suspended on Monday after falling 25 percent on fears over its ability to meet debt obligations, which hit shares in one of its creditors.
On Friday, the company said it had not been able to raise a 150 million euro ($235.7 million) loan, one of the conditions of an earlier 4 billion euro refinancing agreement, and asked its 45 banks for the deadline to be extended until Aug. 7.
The stock fell 34 percent on Friday and was suspended on Monday at a historic low of 7.3 euros, valuing the whole company at 680 million euros. Its debts total 5.4 billion euros.
Martinsa Fadesa, one of several Spanish property companies being pummelled by a sharp slowdown in the real estate market, began an extraordinary board meeting at 1430 GMT.
