The Superintendence of Companies, Securities and Insurance in Ecuador announced the approval of a concordat on February 20, which will grant land to 440 families involved in the Terrabienes case, associated with the company Urbanizadora del Norte (Urnosa S.A.). This resolution, numbered SCVS-INC-DNASD2026-00002033, was issued by Superintendent Luis Cabezas – Klaere and signifies a critical step in resolving the protracted legal troubles that have affected these families since Urnosa S.A. initiated concursal proceedings in 2019.

The announcement underscores the extensive efforts of the Superintendence, which reported that reaching this agreement took more than a year and required significant dialogue and mediation with creditors. This achievement is being viewed as a milestone for institutional effectiveness and the capacity of negotiations, highlighting that constructive dialogue can lead to favorable outcomes in complex situations. The resolution aims to provide relief and hope to families who have faced uncertainty regarding their property rights for several years.

In summary, the approval of this concordat comes as a critical remedy for the affected families, who have been in a state of legal limbo since the initiation of Urnosa S.A.'s bankruptcy proceedings. It reflects the challenges inherent in navigating through corporate insolvency processes and the role of regulatory bodies in protecting the interests of stakeholders while ensuring the resolution of disputes through amicable negotiations. This development will likely have lasting implications for future cases of similar nature in Ecuador.