Tino Stone enters creditors' scheme of arrangement

Spanish marble manufacturer, 5099 Tino Stone, has entered into a scheme of arrangement with creditors.

The firm says its trade has been hit by the slowdown in the construction sector, client arrears, the financial crisis and a drop in commercial margins.

In 2011, €26.8million of its €62.9million debt expired. The firm has reported losses since 2009.