Debt outstrips Benidorm skyscraper

Skyscraper is full to the brim with company's debts

LAST UPDATED: 17 Jul, 2015 @ 10:55
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WHAT was intended as the tallest residential skyscraper in Europe stands empty after its developer folded with debt. 

The building is the tallest residential skyscraper in Europe
The building is the tallest residential skyscraper in Europe

But the company building it, Olga Urbana, ran out of funds in 2009, and declared bankruptcy this year.

The unfinished apartments, most of which have been sold, range from €1.6 million  penthouses to first floor €190,990 apartments.

Before filing for bankruptcy, the company was reported to be almost €140 million in debt, out of which €108 million in loans belongs to Sareb, or Spain’s ‘bad bank’.

Following a court decision, the building and the company’s assets are now set to be liquidated, with Sareb looking for potential investors to finish the project.

It is hoped a total of 138 creditors will eventually receive a return of their money.



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