Spanish Firm Urbas Faces $19 Million Debt Claim in Morocco Over Real Estate Deal

Urbas’ former Moroccan subsidiary received a guarantee of 17.8 million euros for a mortgage loan granted by Attijariwafa Bank to finance a real estate project three decades ago. The Moroccan entity filed a request to execute the guarantee, but the surety of the guarantor would be subject to the same procedure in Spain "to cover, in any case, the difference between the guaranteed amount and the value of the asset that supports the guarantee," explains the Spanish company.

Another commercial procedure is underway in Tangier concerning the valuation of this asset. At the same time, Urbas, led by Juan Antonio Acedo, has filed an amparo appeal before the Constitutional Court, after being dismissed at first instance and on appeal before the Supreme Court for procedural defects. The Spanish company denounces a "violation of the fundamental right to effective judicial protection".

Urbas Maroc specifies that it is "exempt from any payment", and that it has left since 2011 the land of the group whose initial valuation is around 22.5 million. "In any case, Urbas’ coverage would be limited to the difference between the guaranteed amount and the value of the asset which, as everything indicates, is higher than that of the guarantee," adds the company, which expects to obtain an "extraordinary income" once the asset is allocated.

Urbas has submitted a purchase offer to take over Abenewco1, the Abengoa company that brings together most of the energy multinational’s operational assets, with dozens of subsidiaries in insolvency proceedings. The Seville court in charge of the process is awaiting other competing offers by December 13 at the latest, before making a decision that should come in the last week of the year.