According to Eje Prime, it was given green light to this extinction, the second largest bankruptcy of a real estate in Spain, exceeded only by that of Martinsa Fadesa.
The process begins 11 years after Reyal, controlled by Rafael Santamaría, launched a takeover bid for Urbis, at the time a real estate from Banesto, and after four years of contest. Last June, the main creditors of the real estate rejected the payment plan, which condemned it to extinction.
With assets evaluated in €1,170 million, Reyal Urbis has as main creditors Santander (€500 million), Sareb (€1.600 million) and Hacienda (€435 million).