Business · Companies · 4 hrs ago
Urbas disputes vote count as judge weighs restructuring plan
Spanish construction group Urbas is disputing the count of creditor votes on its proposed restructuring plan.
The company says insolvency administrators Kepler-Karst and Auren wrongly counted or excluded several creditors, including a bank that Urbas says switched to supporting the plan.
The administrators previously told the judge that opposition outweighed support by €13.79 million, with €20.33 million in favour and €34.12 million against.
Urbas argues that correcting the count would give the plan a narrow majority in some scenarios, while it also claims two disputed creditors would raise support further.
The administrators do not recognise those two debts as ordinary claims because they are linked to Urbas president Juan Antonio Acedo.
The judge must decide whether to accept the plan or consider liquidation, which the administrators have requested alongside a finding that the insolvency was culpable.
Urbas has €144 million in debt and has been suspended from trading since April 2025.
Urbas has challenged the insolvency administrators’ count of votes on its restructuring plan, arguing that the plan has enough support.
The administrators, Kepler-Karst and Auren, told the judge that votes against the plan outweighed votes in favour by €13.79 million.
The judge must decide whether to accept Urbas’s plan or consider the administrators’ request to liquidate the group and declare its insolvency culpable.
Urbas says correcting the vote count would give the plan a majority, while the administrators dispute some creditor claims and support.
Urbas has €144 million in debt and has been suspended from trading since April 2025.
- Who
- Urbas and its insolvency administrators, Kepler-Karst and Auren.
- What
- Urbas has challenged the administrators’ count of votes on its restructuring plan. The judge must decide whether to accept the plan or consider a request for liquidation and a culpable insolvency ruling.
- When
- The report was published on 29 October 2026. The administrators reported their count the week before.
- Where
- Before a judge in Spain; the court location is not stated.
- Why
- Urbas says the vote count improperly treated some creditor votes and claims, changing the balance of support for its plan.
Urbas
Kepler-Karst and Auren
Vote count
Urbas
Urbas says errors in the count mean its plan has sufficient support.
Kepler-Karst and Auren
The administrators said votes against the plan exceeded votes in favour by €13.79 million.
Creditor treatment
Urbas
Urbas argues that some votes and claims were counted or classified incorrectly, including those of Attijariwafa Bank and Banco Aliado.
Kepler-Karst and Auren
The administrators do not recognize the Germux and Larisa claims as ordinary debts because they are linked to Urbas chairman Juan Antonio Acedo.
Outcome
Urbas
Urbas asks the judge to accept its restructuring plan.
Kepler-Karst and Auren
The administrators have asked for liquidation and for the insolvency to be declared culpable.
Attijariwafa Bank changed its vote to support the plan, according to Urbas.
Urbas says the administrators did not include €831,980 in support received on this date.
The administrators told the judge that votes against the plan exceeded votes in favour by €13.79 million.
Expansión reported that Urbas had sent the judge a submission challenging the vote count.
- Debt
- €144 million
- Vote balance reported by administrators
- €20.33 million in favour and €34.12 million against
- Urbas’s claimed margin if PHI is treated as an ordinary creditor
- €181,000 in favour
- Urbas’s claimed margin with Banco Aliado’s support
- €717,000 in favour
- Trading suspension
- Since April 2025
What people are saying
the insolvency administration subordinated Banco Aliado’s support because it was communicated late, but kept Abanca’s vote against as an ordinary claim, despite its claim also being communicated out of time
favourable support