The Costa Blanca construction giant Torrevisa has announced debts of 102 million euros.Torrevisa is one of the largest construction companies on the Costa Blanca.They have recently applied for voluntary suspension of payments it is alleged and a judge in Alicante’s Number 1 mercantile court is about to make a decision regarding the petition in the coming weeks.

It appears that the company applied for the suspension of payments in June.The Torrevieja estate agency Masa International has been owned by Torrevisa since 2003.They however have not applied for voluntary suspension of payments.They are trading as usual and they are not included in this filing.Both companies are owned by Antonio Soria but they are managed seperately.Also Masa International is not associated with Grupo Masa either.

The economic crisis and an unsuccessful business deal in Brazil has brought all of this about.They made a big 40% investment in a huge Brazillian project which turned out to be fraudulent and they are unable to recover from it.The owner of the Murcia based company at the centre of the fraud was arrested in 2008 by the National Police and is in prison at the moment.The aim of Torrevisa is to pay their debts and not to have to close down.