The Commercial Court number 1 of the capital of Gran Canaria has agreed this week the declaration of the necessary bankruptcy of the tourist companies Anfi Sales SL and Anfi Resorts. Against this agreement, there is an appeal to the Provincial Court, although it will not be suspensive.
Judge Alberto López Villarrubia thus accepts the request made last year by the company Isla Marina SL. The debtors - under control to date by the Santana Cazorla Group - are suspended in their powers of administration and disposition of assets, powers that are assumed by the administrator of the contest: Par Conditio SLP.
In the procedure, three expert reports were provided on the situation of Anfi Sales and Anfi Resorts, made by José Manuel Arias, Sergio Roque and Addvante Forense & Concursal SLP. In short, in his order, the magistrate endorses the latter's thesis, which highlights the lack of liquidity and solvency of the companies. He also recalls that already in 2019 the Anfi Group requested additional financing from the bank to refinance the debt of the syndicated financing contract that it signed at the time, a request that resulted in a negative response. In conclusion, the aforementioned expert report estimates that the unserved debt amounted to 56.6 million euros at the end of 2019, compared to which there is not enough treasury to deal with it nor that possibility of new financing.
In their reports, the experts José Manuel Arias and Sergio Roque pointed out that the financial situation of the two companies was "ideal", but acknowledging that they would inevitably require new credits or the refinancing of the expired syndicated loan.
The judge concludes in any case that the expert opinion presented by Isla Marina -that of Addvante Forense & Concursal SLP- proves bankruptcy, that is, the inability to comply with expired and enforceable obligations. Regarding the argument that the companies are owners of a large amount of real estate, already designated in the judicial executions in process, the magistrate judge points out that this does not serve to prove that the companies are solvent, since the mere fact of handing over the assets of its tangible fixed assets shows that there is no capacity to deal with debts in an ordinary way. Moreover, it de facto supposes an early liquidation of the patrimony.
Last year the same court already agreed on the declaration of the necessary bankruptcy of the Santana Cazorla Brothers, whose companies have been dragging problems of non-payments, delays in payroll and loss of contracts. This is the case, among others, of Petrecan, which was carrying out the work of the Melenara road, which was combined with the sale of the La Cornisa sports complex and the loss of the service contract at the bus interchange station in the capital of Gran Canaria. Differences in the shareholders of Hermanos Santana Cazorla have exacerbated this problem.
The declaration of insolvency is a legal figure established to avoid the liquidation of the company and to seek an orderly exit that attends to the payment of the debtors and guarantees, as far as possible, the continuity of the company.
This news first appeared in the digital edition of Canarias7 of which is a direct translation.
https://www.canarias7.es/economia/juzgado-mercantil-numero-20210926220250-nt.html