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Bad bank Sareb wants its money back

Date: 2014, 13 November

AFTER four months of trying to work out a viable solution that would see the almost-finished In Tempo skyscraper in Benidorm completed and put up for sale, the so called bad bank, Sareb, (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria) has opted to file for receivership against Olga Urban SL, the company that owns the property.A Sareb source said that contrary to public belief, it does not own the In Tempo complex but it is the main creditor. He added that given the insolvent state of Olga Urbana SL and its inability to get credit from any financial institution, receivership proceedings have been requested so that the debt of over €100 million can be recovered. If the request is accepted by the court, it will see the tower block - the tallest residential complex in Europe - sold off to the highest bidder.
At present 94 per cent of the complex has been completed but a major cash injection is needed to finish the internal cosmetic work on the diamond that links the two towers and to landscape the outside areas.

Thanks to Costa Blanca News 

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