Judge Approves Liquidation Plan For Olga Urbana

15 December 2015 – Valencia Plaza

Commercial court number 1 in Alicante has approved the liquidation plan for the developer of the In Tempo building in Benidorm, the tallest residential skyscraper in Europe, construction of which began in 2006. Olga Urbana is the construction company behind this unfinished building, which has now been put up for sale. The company has filed for bankruptcy and Antonia Magdaleno has been appointed as the bankruptcy administrator.

The company that constructed the building filed for bankruptcy after its main creditor, Sareb, which inherited the loan originally granted by Caixa Galicia amounting to just over €100 million, requested legal intervention in the company. According to the court order, Sareb proposes that the direct sales phase last for at least five months.

In addition, if during the first three months of this phase, an offer is received to directly purchase the building for a price equivalent to at least 70% of its appraisal value, then Sareb asks that it be awarded to the bidder without waiting for the five month period to end. Nevertheless, the sale must involve the property in its entirety; offers will not be accepted for individual homes.

Original story: Valencia Plaza (by Estefanía Pastor)

Translation: Carmel Drake

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