Spanish Beach Resort Benidorm Approves Plan to Avoid Insolvency

One of Spain’s busiest beach resorts has agreed on a plan to settle €350 million ($403 million) in compensation to land owners who were shortchanged during a real estate boom in the early 2000s.

Benidorm will make an initial €60 million payment before year-end and installments both in cash and land over many years, according to a plan approved in a city council vote on Tuesday. That will ease the impact of an obligation worth more than double the city’s annual budget and help it avert insolvency.