Spain: Agrocastell files for bankruptcy

The fruit and vegetable marketer Agrocastell SA has filed for bankruptcy after the Commercial Court 1 of Almeria confirmed its insolvency, with accumulated debt totaling more than 3.5 million Euro.

Agrocastell SA, based in Castell de Ferro-Guachos, Granada, although with its focus in Almeria, is part of the Femago group. It is worth recalling that EH Femago SL is already in the liquidation phase and that another of the traders, Agrupalmeria, has also filed for bankruptcy, after accumulating more than 16.1 million Euro in debt.

As revealed in the inventory of assets and rights accompanying the request for bankruptcy, the value of the firm's assets has been estimated at almost 1.1 million Euro, while the total debt amounts to 3.5 million Euro.

As for the causes of the insolvency situation, the report points to over-indebtedness to financial entities, falling sales, the crisis in the sector and the insolvency of customers.

Source: Europa Press

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