The Fourth Section of the Provincial Court of Las Palmas has declared the appeal filed by Meru, a vehicle of the British fund Blantyre Capital, against the order of March 5, 2025, from Commercial Court No. 2, as **withdrawn**, as reported by Beatriz Hoteles in a press release.
Said order had dismissed the appeal for reconsideration filed by Meru against the order of July 16, 2024, which recognized the solvency of Beatriz Hoteles and prevented the approval of the restructuring plan presented by the fund.
With this, the Court confirms the firmness of the order of July 16, 2024, which warned that it was "adventurous to conclude that there is a generalized default in payments" arising from the early termination unilaterally declared by the creditors and, consequently, that the insolvency threshold required by Article 647 TRLC was not met.
The ruling highlights that Blantyre Capital's action constitutes an abuse of procedural rights, by having filed an appeal while simultaneously promoting a new homologation request with identical content to that already rejected in the appealed resolution: "Alleging lack of object is an abuse because it involves the use of two procedures to obtain the same thing, a clear abuse of the appeal process while at the same time, through another channel, seeking to obtain what was perhaps intended by appealing the order, which is the homologation of the restructuring plan."
The Court also emphasizes that "the particularity of withdrawal in the appeal is that a definitive judicial resolution already exists (Art. 207 of the LEC), which has put an end to the proceedings, and that the power of disposition regarding the dispute between the parties falls outside the scope of the procedure, and is assumed within the sphere of their autonomy of will outside the process."
In other words, the Court acknowledges that the withdrawal of the appeal does not alter the validity of the previous ruling, which had already put an end to the proceedings, and emphasizes that Blantyre Capital attempted to improperly use a legal mechanism to challenge a final order.
"This resolution, together with Inparsa's accreditation of the new financing granted by Fortress to cancel all debt with the restructuring financial creditors, consolidates the legal and financial position of Beatriz Hoteles".
"It also reaffirms its full capacity to comply and warns about the misuse of judicial resources by Blantyre Capital to try to obtain, abusively, the capital of a solvent company through proceedings processed and tolerated by the same Magistrate, which the Provincial Court now deems abusive."
