Urbas gains more backing for its rescue plan in the final stretch of the contest
Creditor Debt Resolution Corp, with €3.6 million in debt, changes initial opposition to adhesion after improvement of the arrangement proposal. Read
Urbas, a company facing insolvency proceedings, has seen a significant development with Debt Resolution Corp, a creditor with €3.6 million in debt, changing its initial opposition to supporting the company's proposed viability plan. The plan aims to repay €144 million to creditors. To proceed, the plan needs approval from more than 50% of ordinary debt holders.
The administrators, Auren and Kepler Karst, have recommended liquidation, but Urbas claims to have over 60% support, including credits from Germux and Larisa, although these have been disputed due to their links to Urbas' president, Juan Antonio Acedo.
Debt Resolution Corp's change of stance has resulted in a technical tie in the voting, with other creditors, such as Sareb and Asefa, yet to make a decision.
Meanwhile, the CNMV has received a complaint from minority shareholders against the selection of Auren and Kepler Karst as administrators, accusing them of falseness, omission, and conflicts of interest.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
