Urbas pide al juez que apruebe su plan de pagos con apoyo de los acreedores

The construction company Urbas has requested the judge to approve its payment plan proposal, backed by creditors, which represents 61% of the company's ordinary debt of 89 million euros. On Wednesday, Urbas presented the court with a petition for approval of its proposed agreement, after obtaining support from more than half of the ordinary creditor pool.

In its written submission, the company headed by Juan Antonio Acedo claims to have the backing of 61%, or about 54 million euros, against 24% of dissenting creditors, equivalent to 24 million euros. According to a statement sent to the CNMV the previous day, Urbas is ready to launch its three-year payment plan proposal with no interruption.

In summer, Acedo sent a revised proposal for the three-year debt payment plan to its creditors by letter. Urbas pledged to advance debt payments, with 10% due by the last day of the first year, 15% by the end of the second year, and the remaining 75% by the end of the third year. This move led to the support of creditors such as the Oak Hill fund (around 12.8 million euros) and the Moroccan bank Attijariwafa Bank.

McKinsey, the CAM, and Imesapi also did not oppose the agreement. Among the creditors supporting the proposal are Larisa and Germux, comprising 41% (Urbas-related societies after the sale of bank credits). The insurer Asefa, the state promoter Sareb, and banks like BBVA, Abanca, and CaixaBank opposed the proposal, although Urbas' board believes a portion of that debt is contingent rather than ordinary.

The judge will decide within days on the creditor's concourse, pending the opinions of the conciliation administrators (Auren and Kepler Karst).