The outdoors division of a parent rehabilitation group faced liquidity challenges in Alicante, Spain. The company was compelled to file for bankruptcy protection as a result of ongoing payment delays from several customers. Attempts to renegotiate debt began in April, but the deadline for completing a formal agreement passed, leaving company leaders to rely on protective measures that shield administration.
The case is overseen by Commercial Court No. 2 in Alicante, which assigns responsibility for the proceedings. PriceWaterhouseCoopers serves as insolvency administrator in this process.
The operation is led by Urbana de Exteriors, chaired by Pedro Saez, with ties to Cepyme and former Alicante president Christopher Navarro. The enterprise enjoyed rapid growth after the pandemic, benefiting from a surge in rehabilitation projects and expansion into new areas such as hotel renovations. As a result, the company reported an 18 million euro turnover in 2021.
Urbana de Exteriors SL reported a 13% rise in revenue in 2019, surpassing 9 million
By 2022, however, revenue declined to 14.5 million euros and the firm showed a net loss of 660,000 euros, as reflected in the balance sheets filed with the commercial registry. The company had hoped to regain momentum by adding staff, funded in part through distribution of Next Generation funds.
Defaults
The challenges began with defaulted payments from several major clients who had completed significant projects. Delays in collection contributed to liquidity pressures, prompting discussions in April about restructuring the company’s debts and implementing a sustainability plan.
Sources indicate that the plan includes removing some debts and extending maturities for bank loans. The company also sought a three‑month extension to complete the agreement, as allowed by local law.
Cristóbal Navarro helped Urbana de Exteriors lift turnover by 75% with tourism sector backing
With little positive engagement from financial institutions after the latest extension, Urbana de Exteriors elected to pursue bankruptcy protection voluntarily. Though the company remains under the oversight of the insolvency administrator, it continues to pursue a path that could safeguard its viability. At year end, liabilities exceeded 10 million euros, according to the company’s balance sheets, underscoring the severity of the liquidity stress.