Urvicasa Files For Bankruptcy

29/07/2014 – Hoy

Developer firm Urvicasa which has been facing arrangements with its lenders, eventually filed for liquidity. By the deed, the company withdrew a convenant proposed earlier, including debt release and payment delays that would allow it to get over the difficult economic situation.

Urvicasa is said to owe the present status to problems of lender Bankia and to the loan transfer to Sareb (Spain´s bad bank).

The developer´s trading activity has been suspended and managers replaced by insolvency administrators.

Urvicasa has foreboded the unhappy ending since spring 2013. At the beginning of 2014, it proposed a convenant which turned out to be insufficient to remain afloat.

In its golden age, the company had two branches in Albacete and Badajoz and it even opened an affiliate in Poland with an eye to growing in the Eastern Europe.

Urvicasa employs 35 workers and possesses a €54 million worth of assets. In autumn, its debt reached €23 million.

 

Original article: Hoy (by P. Calvo)

Translation: AURA REE

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