Spanish property developer Martinsa Fadesa, which filed for credit protection three years ago, said that it has reached a deal to refinance its debt burden after receiving backing from 73% of its creditors.

'The judge of the mercantile court in (the northwestern city of) La Coruna agreed to the deal for Martinsa Fadesa and its five subsidiaries,' the company said in a statement to the Spanish stock market regulator CNMV.

Major banks include Banco Popular, Caixa D'Estalvis - Pensions de Barcelona (La Caixa), Caja de Ahorros and Monte de Piedad de Madrid and Novacaixagalicia. Further details on the financial agreement were not disclosed.

Martinsa Fadesa fell victim to the financial crisis in July 2008 in one of the biggest corporate failures in Spain's history. The company, which had EUR 5.4 bn of debt, agreed on a new timetable for debt repayment in June 2009. The financial plan envisaged the payment of 2% of a syndicated loan of over EUR 5 bn before May 2010 and 3% in 2011.

The repayments was due to rise to 25% by 2015 and 2016.