Suricatta Systems, a subsidiary of Urbana de Exteriors, the construction group, focused on producing temporary housing, has entered bankruptcy proceedings. The Commercial Court No. 2 in Alicante ordered the process after the company filed for relief just weeks after its parent company faced a similar situation since last November.
Founded in 2014, Suricatta Systems emerged from the group known for its rehabilitation projects in Alicante. The 2011 Lorca earthquake highlighted the need for short-term shelters, and the company’s leadership, including the former chairman of its largest shareholder, Cepyme Alicante, Cristóbal Navarro, sought to address those demands. Temporary shelters for emergencies were seen as a critical area with room for improvement.
Navarro redirected resources toward research and development, and the firm eventually crafted a modular shelter system that could be transported easily. The design provided insulation where needed and offered far greater comfort than traditional tents or tents used in crisis zones.
NGO and NATO
The company believed its products would appeal to NGOs, governments, and even armed forces from various nations in emergency scenarios.
Suricatta Systems did secure a place in the NATO supplier catalog, yet the business never achieved sustained growth. Turnover declined steadily and the firm reported no income in 2022 according to the accounts filed with the Trade Registry.
Given that Urbana de Exteriors faced its own financial strain, it made sense that the subsidiary would follow the parent company into bankruptcy.
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The court decision not only declared bankruptcy but also initiated liquidation proceedings and appointed PwC to oversee the insolvency administration.
The court, meanwhile, continued to review Urbana de Exteriors’ competitive position. The Bank, which had sought bankruptcy protection in November due to liquidity pressures arising from non-payment by some customers since the start of the year, had previously attempted a debt restructuring but could not reach an agreement in time to avert this process.