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In Tempo developer bankrupt

Olga Urbana, the developer behind the newly built iconic skyscraper In Tempo in Benidorm, is declared bankrupt.

In Tempo Benidorm

In Tempo, Benidorm.
Photo: Wikipedia

It is the company’s main creditor Sareb who requested the bankruptcy because the developer apparently is unable to service the debt and finance the completion of the building.

Sareb said in a press release that the goal of the bankruptcy is to get control over the project and protect the interests of investors and all those who have already bought an apartment in the building. In Tempo is with its 200 meter Spain’s fifth tallest skyscraper and the highest for housing in the EU.

The massive skyscraper was to become the tallest residential structure in the EU, but has instead become a symbol of opulence from the period of property speculation and property bubbles in Spain. The construction of In Tempo in Benidorm allegedly began in 2006. A series of irregularities during the construction and major financial problems have led to the building eight years later is still not being finished.

Olga Urbana already has a number of claims from different suppliers they owe money. The debt to Sareb alone is around 100 million euros.