Numerous media outlets are reporting that Spanish appliance maker Fagor Electrodomesticos has filed bankruptcy protection from creditors. The company has been hit hard by the global economic downturn, which has resulted in significantly lower sales.
Under Spanish law, the company has four months to forge deals with creditors.
Media reports put Fagor's debt at more than EUR 1.1 billion, or approximately $1.5 billion.
Fagor reported annual sales of EUR 1.17 billion in 2012, down about a third since 2007.
to Daily News