Miss Spain beauty pageant goes bust

MADRID (AFP) - Organisers of the annual beauty contest Miss Spain have filed for bankruptcy in the midst of a deep recession, disrupting a competition that has reigned for more than 50 years.

The company, Certamen Miss Espana SL, made a voluntary application for protection from its creditors on Feb 7, the official state bulletin said on Wednesday, joining a long list of Spanish firms forced to close in the downturn.

The Madrid Commercial Court gave creditors a month to inform the administrator of money they are owed.

Under the Spanish system, the company is placed in the hands of a receiver but could still re-emerge if its creditors can be satisfied.