Reports indicate in the Spanish news that Llanera has come to an agreement with its creditors and will pay back  65% of its debts over a period of 8 years. After 2 years bouncing around the courts aministration process , this is though to be given a green light by a Valencian court tomorrow.

Llanera, who had a £6.6m sponsorship deal with Charlton Athletic in December 2005, had to get protection from creditors in October 2007, the firm could not handle its €700 million debt mountain, as it was generating €5 million in sales.

The company owed more than 100 million GBP to Lehman Brothers, whose collapsed last year, Llanera was one of the first big Spanish developers to run out of cash when the Spanish property market tanked. There are several other high profile firms who have also gone into adminstration, including  Fadesa and Aifos.