Basque construction company Urazca, has filed for bankruptcy protection

Basque construction company Urazca, has filed for bankruptcy protection
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By h.b. - May 8, 2008 - 5:34 PM
The company has debts estimated at some 65 million €.

One of the most important construction and real estate companies in the Basque Country, Urazca, has applied for bankruptcy protection. The company, headed by the ex President of the Athletic de Bilbao football club, Ignacio Ugartetxe, finds itself facing debts of some 65 million € in addition to other commercial debts of a further 25 million €.

The company has mortgaged assets of 139 million €, despite last year having a turn over of 250 million € and an order book for 300 million €, a large part of it in public works.

The company also has interests in car parks and runs rubbish collection, gardening and cleaning services.

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