Spanish property company for Polaris World, which is the largest builder of apartment houses in the country reached an agreement with its creditors in the last minute and avoid the procedure for declaration of bankruptcy, told Property Wire. The company has reached an agreement to swap debt for assets after four negotiation. Four of its main creditors, all Spanish banks will acquire completed properties, golf courses, hotels and land totaling about 83 million. For the second time in less than a year Polaris World managed to avoid bankruptcy. Last fall the company negotiated exchange of debt for land worth 900 million euros with its bank creditors. As a result, its creditors now have to figure out what to do with 6 million square meters of land in Murcia. Polaris World was established in 2001 by local entrepreneurs and Pedro Garcia Facundo Armero Meronyo. Armero in 2006 sold its stake in Credit Suisse for 500 million today Meronyo is the largest shareholder. The company has seven golf resort in Murcia during the boom market of its turnover exceeded 800 million as it worked for more than 2 thousand employees. The company hopes the restoration of the property market in Spain has already begun. However, no signs of return to foreign buyers in the Spanish market. Recent data on the country's central bank show that the volume of foreign investment in property in Spain has fallen to its lowest value in a decade. Last year, foreigners have invested 3.7 billion in real estate in the country, which is the smallest volume since 1999, when it was 2.9 billion. Foreign investment in Spanish property last year decreased by 32% compared to 2008 and by 48 percent over 2003, when the peak is registered. According to a joint report of PricewaterhouseCoopers and the Urban Land Institute weak economy, high unemployment and the huge inventory of new homes will slow the recovery of the property market in the country. According to another report, Deutsche Bank, recovery is unlikely to occur before 2012 and the upturn can be expected to 2015