One of Spain’s biggest demolition contractors succumbs to financial crisis.
Technical demolitions SA. (Detecsa), one of Spain’s largest and best-known demolition contractors, has called in the receivers amidst mounting debts with the IRS, Social Security and a dozen financial institutions.
Although the exact amount of accumulated debt could not be confirmed, local media reports suggest that the company had long been in a “crisis situation”, struggling against insolvency and publicly denounced by its own workers.
It is thought that the recessionary collapse of the Spanish housing market was a contributory factor in the failure of a company that once ranked as one of the 10 largest demolition companies in Europe.
The company was a familiar name among European Demolition Association circles where president Francisco Cobo was a regular contributor. The company was perhaps best known for its work at Madrid’s Barajas Airport in the aftermath of a bombing by Basque separatist group, Euskadi Ta Askatasuna (ETA).
