Miss Spain organizer files for insolvency

AP News
Posted: Feb 20, 2013 5:58 AM

MADRID (AP) — The company which organizes the Miss Spain beauty contest has filed for protection from creditors, the latest victim of the country's crippling economic crisis.

Spain's official state gazette said Wednesday that Certamen Miss Espana S.L. had declared insolvency and would have a month to present its debts. The company could not be immediately contacted for comment.

The Miss Spain competition has struggled economically for several years and was not held last year.

The country is struggling to emerge from its second recession in three years following the collapse of the construction sector. The unemployment rate is 26 percent.

The announcement came a day after a major real estate developer, Reyal Urbis, also filed for protection from creditors, the biggest since top developer Martinsa-Fadesa filed for protection in 2008.