Reyal Urbis Dismisses Nearly Half of Its Staff

25/03/2014 – Expansion

At present, the company chaired by Rafael Santamaría is working on a proposal to lenders and paying-off the €1.7 billion debt that pushed it into bankruptcy.

According to the notice Reyal Urbis issued to the National Stock Market Commission (known as CNMV in Spain), the Mercantile Court number 6 in Madrid approved application of the real estate firm to “take measures on the termination of labor relations with 61 employees”. (…).

At the end of 2013, Reyal Urbis´s staff consisted of 133 workers: 20 in the managing board, 67 technicians, 38 administratives and 4 traders. They are 58 women and 75 men. (…).

Within the viability framework, the company negotiates granting a bulk of property assets to its lenders. That would allow it to pay a considerable part of a €4.1 billion debt.

According to the insolvency report, Reyal Urbis owns €4.1 billion in liabilities that exceeds by 70.2% the value of assets (€2.4 billion) it disposes of to face the debt.

At the end of 2013, the company registered €820.30 million losses that is by 9.8% less than in 2012. Turnover shot up by 56.5%, to €59.18 million and exploitation showed €742.74 million.



Original article: Expansión

Translation: AURA REE