Reyal Urbis´s Collective Dismissal Under Seal

8/05/2014 – Europa Press

The real estate firm currently found in the whirl of insolvency process got a green light for dismissing half of its staff. Out of 133 employees, 60 will have to say goodbye to their job. Strikingly, some of them submitted to quit voluntarily.

The collective dismissal contract includes a 33-day compensation for each laboral year (maximum of 22 instalments) for every fired employee.

Reyal Urbis, chaired by Rafael Santamaría, explains that the operation has been necessary to reach an agreement with the company´s lenders and crawl out from the bankrupt status.

In the first quarter of 2013, the company´s net losses showed €29.4 million, by 8% less than in the same period in 2013. However, during this time it managed to reduce its indebtness by 3% to €3.369 million through asset transfers to banks.


Original article: Europa Press

Translation: AURA REE