Outdoor Urbanone of the parent companies building rehabilitation The province of Alicante was obliged file for bankruptcy before liquidity problems The situation it has been facing since the beginning of the year due to non-payment by some of its customers. There was a company trying to negotiate debt restructuring Since last April, however, the impossibility of closing a deal before the legal deadline has led to those responsible taking advantage of this figure. as a volunteerThis allows them to maintain their administrative authority.
HE Commercial Court No. 2 Alicante is the person who takes charge and assigns responsibility for the procedure. PriceWaerhouseCoopers (PWC) as insolvency administrator.
Directed by Urbana de Exteriors Pedro Saez and Cepyme belongs to the former president of Alicante Christopher Navarrohad an experience Strong growth in operations post-pandemicThanks to the boom that rehabilitation experienced during this period and the promotion of new construction buildings as well as its entry into new segments such as hotel renovation. In this way, the company managed to exceed expectations. 18 million Euro turnover in 2021.
However, its income in 2022 is already fell to 14.5 million euros and the company entered Red figures of 660,000 Euros, According to the balance sheets deposited in the Trade Registry by the company itself. But the firm hoped to get back on the growth path. new hires many of them received in connection with the distribution of Next Generation funds.
Defaults
The problem came before defaults from many customers -for those who have done important work- and They were eventually sued., together with the delay this entails for collection. According to the construction company, this situation liquidity challengesThis led them to begin negotiations in April to restructure the company’s debts, accompanied by a sustainability plan.
According to sources consulted, a plan being carried out Erasing debts and extending maturities for bank loans. However, the company requested an extension for another three months because it did not consume the three-month period determined by the legislation to realize this agreement.
Seeing that there was no positive response from financial institutions after this new period expired, Urbana de Exteriors officials chose to voluntarily apply for bankruptcy protection. However, although they are now also dependent on the decisions the insolvency administrator may make, they are still confident that they can reach an agreement that will ensure the survival of the company. At the end of last year, The company’s liabilities exceeded 10 million eurosAccording to the company’s balance sheets.