Spain's government raised its long-term economic growth projections slightly and said it would boost taxes and public spending next year, following a relaxation of deficit targets by the European Union, but signaled that recovery from the country's recession would be slow, The Wall Street Journal reported. Spanish officials said Friday they would raise the ceiling for 2014 public spending by 2.7%, to €133 billion euros ($173.41 billion).

The shareholders of Spanish plastics bottle maker La Seda de Barcelona on Wednesday rejected a debt refinancing plan that would have allowed the company to withdraw from insolvency proceedings, its largest shareholder said, Reuters reported. The Catalonia-based company, which makes bottles in Europe, Turkey and North Africa, has been in talks with creditors for months since high material costs and excess supply of the PET plastic containers it makes put pressure on its business.

Spanish plastics bottle maker La Seda de Barcelona will ask shareholders to approve its debt refinancing plan and allow it to withdraw from insolvency proceedings on Wednesday, a person close to the company with knowledge of the plan told Reuters. La Seda said in a stock market notice on Tuesday that it had reached a preliminary deal to refinance 75 percent of its syndicated debt with creditors, after saying last week it would file for insolvency.

Alpine Bau, the insolvent Austrian arm of Spanish construction group FCC, faces being broken up after late-night talks to save the company in its current form failed, putting up to 5,000 jobs at risk, Reuters reported. The head of Alpine Bau's works council, Hermann Haneder, said on Monday a consortium of rival builders was now looking at taking over parts of the company, either at the level of provincial divisions or individual projects. "The question is, will the workers be kept on when the projects are finished?" said Haneder, who took part in the last-ditch talks.

Spain's La Caixa has postponed the planned sale of a portfolio of 12,000 homes, two sources familiar with the deal said, in a sign Spanish banks are still reluctant to cut prices on property assets even after big writedowns, Reuters reported. The Caixa sale fell down on price, the sources said. The bank had hoped to fetch around 1.5 billion euros ($2 billion) for the portfolio. A 2008 real estate crash left Spanish lenders saddled with billions of euros in property and in soured loans to developers. The government last year forced banks to take huge provisions against losses on the assets.

Spanish property developer Bami has filed to begin insolvency proceedings, a company spokesman said on Tuesday, the latest in a series of real estate groups and other firms in the recession-hit country to struggle to refinance their debts, Reuters reported. Dozens of property firms have collapsed in Spain, where house prices have fallen 40 percent from their 2007 peak, and banks that have set aside money to cover losses in the sector are becoming tougher with firms still in business.

Spain's La Seda de Barcelona, LSB, which makes plastic bottles in Europe, Turkey and North Africa, said on Monday it would begin insolvency proceedings after failing to reach a deal with creditors, Reuters reported. A record 2,500 Spanish companies squeezed by a deep recession filed for insolvency in the first three months of this year, hurting lenders as they take ever bigger provisions against losses on loans, eating into profits.

During Spain's economic boom of the past decade, one of its largest gambling enterprises followed the lead of other Spanish corporate heavyweights and piled up debt to expand in Latin America. The wager hasn't paid off, The Wall Street Journal reported. Regulatory setbacks in Mexico and Argentina and a recession that is shrinking its market at home have Codere SA CDR.MC -5.42% scrambling to restructure a growing debt burden.

After five years battling its most severe downturn since the Spanish civil war, Uralita felt that it was running out of options, the Financial Times reported in an analysis. The building materials supplier faced debt repayments this year and next. And with no recovery in sight, Uralita’s banks were not in a lending mood. In 2007, the family-owned company boasted healthy profits and more than €1bn in sales. But it lost money in 2012, with revenues down 40 per cent, due to the collapse in the Spanish construction market.

Madrid-listed developer Realia, slated for sale by its owners, infrastructure conglomerate FCC and nationalised bank Bankia, has extended an €847m loan with creditor banks as part of a plan to restructure debt and avoid insolvency, Property Investor Europe reported. FCC in March announced plans to refinance Realia debt ahead of a planned sale, the first step in the group’s new strategy to cut costs and debt and focus on infrastructure and environmental businesses, according to news agency Reuters.