Sareb Applies to Bankrupt Olga Urbana, Developer of In Tempo Building, Benidorm

7/11/2014 – Expansion

Sareb, Spains bad bank, has presented a bankruptcy petition to the Mercantile Court Nº 1 of Alicante for developer Olga Urbana, S.L., the builder of the iconic In Tempo building in Benidorm.

Sources from Sareb told ‘the decision has been made due to lack of solvency the company demonstrates in the magnitude of unpaid amounts and inability to face the construction of the In Tempo tower [pictured on the right] with its own equity’.

‘Thanks to the Order, the firm’s viability, equity state and above all, the project, will get under judicial control’, states Sareb. ‘The proces was run to protect our interests, the interests of the possible buyers, providers or other possible creditors’.

The bad bank is the main creditor of Olga Urbana. ‘Once the provisional trustee takes over the assets, the project valuation and protection will be secured’, Sareb assures.

‘On December 31st 2012, the bad bank acquired the loan granted by NCG Banco to Olga Urbana for construction of the In Tempo building’, we read in a press release. According to Sareb, ‘at that moment the building was 93% finished and the date for the official end was set at between March and April 2013. (…) The debtor owes €100 million to the bad bank’.


Original article: Expansión (after EFE)

Translation: AURA REE