The administrator of Urbas opens the grom case and accuses the company of deceiving the judge

The bankruptcy trustee's analysis opens up a perspective that points to the potential presence of inflated, misplaced, or unaccountable credits within the bankruptcy.

The manager of Urbas opens a lightning case, accuses the company of cheating the judges

The foreclosure opens the bankruptcy administrator's analysis, indicating the possibility of inflation, poor classification, or outright, non-existent credit within the bankruptcy.

The Arbas bankruptcy administrator has canceled the company's rescue plan not only because it is impractical.In parallel, the construction company has questioned the architecture of the liabilities it attempted to restructure.The report sent to the court and to which El Confidencial has access, opens a more complex front: the possible existence of poorly classified or direct, non-existent credits inflated by competition that helped Urbas vote in favor of its restructuring plan a few months ago and now, with its payment plan proposal.Tried to go.

More specifically, the administrator focuses on two credit companies, Larisa Inverpromo and Germux.Both companies, as this newspaper has already published, voted to approve the restructuring plan together with the other companies of the group at that time.However, the company ended up filing for voluntary bankruptcy and now this initial support is in doubt.

The problem is that the money management usually pays, the debt of the two companies does not accept the truth.In the case of Larisa, the report describes the process of integration, in her opinion, to show any independence.The president of Urbas Grupo Financiero, Juan Antonio Acedo, is the physical representative of the company on the board of Montebalito, and behind Larisa is Nova Lurani, a company that has worked in the past as financial support for Urbas through financial injections.

The report is vague: "The existence of the 6 2.6 million joint venture loan granted by Nova Lurani in favor of Larisa confirms the absence of financial autonomy of Larisa, which functions as an annex to the corporate structure proposed by Acedo to manage and manage the debt of Urbas."

interconnected business network

In the bankruptcy proceedings, Larisa declared a debt of 21.2 million euros recognized as ordinary credit. In the agreement signed between Larisa and Urbas in 2020, there is a clear subordination agreement, so it should be classified as a subordinate credit.If so, that credit will be one of the last to be collected, according to the order of credit priority, which will change the distribution between the creditors.This is important, because the rate of payment is directly related to the amount of the quantity.

Germux analysis is even more powerful.Here the administrator concludes that the reported credits "do not exist".The company is listed as being linked to Urbas president Juan Antonio Aceda, which the company itself admitted in December 2025.Furthermore, its only manager was also at the helm of Nova Lurani, reinforcing the thesis of an interconnected corporate network.

The report describes "a functional system of companies linked to the needs of restructuring Urbas's obligations"

"We are almost certainly dealing with a creditor that is unrelated to us or independent of the bankrupt company," said the report, which describes the process of companies involved in Urbas' debt restructuring bid.

Germux announces two main loans, one with a priority 2.1 million loan originally signed with Santander and acquired for only 50,000 euros, and another with a common 13.2 million with an additional 2 million interest added as a subordinated loan.However, administrators tend to dismantle this structure.

The official spokesman of Urbas insisted that the construction company expressed "astonishment at the report issued by the bankruptcy administration, which seems to be looking for the liquidation of a company with undoubted assets and capacity, instead of a way to promote it."The company maintains that the credit of the Urbas creditor company is "correct, with the original rating, clearly presented before the CNMV and reviewed from the beginning of the different companies."And they explained that the company "is calm because the bankruptcy administration report is not binding and is enough to have a majority in the agreement to implement the debt repayment plan, which plans to pay all creditors within three years and without any repayments."

Number not found

In detail, the analysis of financial flows shows a circular operation: Urbas, through related companies, would finance the purchase of Germux's own debt."Thanks to the traceability of the funds [...] it is possible to verify that the funds used by Germux to pay off the Santander loan came from Urbas," the report said.

This mechanism has a direct legal consequence: the debt is extinguished by chaos as the debtor and creditor overlap in practice. In other words, the credit simply does not exist. Furthermore, the alleged $13.2 million general credit would have been met in the 2023 agreement, which would strengthen the conclusion that this credit does not exist.

These conclusions are not isolated elements.They correspond to the general diagnosis of the bankruptcy trustee, who completely rejected the feasibility plan presented by the company.The report dismantles the main assumptions, reducing the expected cash-generating capacity from almost €340 million to just €63.5 million, leaving a hole of more than €270 million, making the payment schedule unviable.

The review affects all pillars of the program: from development operations, where projects cannot be carried out in time, to disinvestments that do not materialize, or public subsidies that do not arrive in time.Even major investments in previous plans disappeared without explanation.

minus the office box

The result is a negative economic indicator from the beginning, with the growth of deficits preventing the first recognition as early as 2027. Added to this is the emergence of an unexpected 39 million debts, which aggravates the situation.

Against this background, the report raises questions not only about the future sustainability of Arab, but also about the continuity of the past.The picture painted by the bankruptcy administrator is that of a company whose rescue plan was based on unrealistic forecasts and a questionable debt structure.A combination that makes the construction company more visible.

Urbas' bankruptcy trustee not only canceled the company's rescue plan because it was not viable.At the same time, it has questioned the structure of the commitment that the construction company is trying to implement in its restructuring.The report sent to the court and accessed by El Confidencial opens up a more complicated part: the possible existence of an inflated loan that is not well classified or does not directly exist in competition, which helped Urbas vote in favor of his restructuring plan a few months ago and now try to continue his proposed payment plan.

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