The future of the Beatriz hotel chain, which has two establishments in Lanzarote, has opened a battle for its control between two investment funds and part of the shareholders of the company Inversiones y Parcelaciones Urbanas S.A (Inparsa), responsible for the Beatriz Costa and Beatriz Playa hotels.
Last September, the Commercial Court number 3 of Las Palmas validated the restructuring plan of Inparsa presented by Blantyre Capital Limited through the Meru I fund. The court granted Blantyre, an investment manager based in London, 70% of the company's capital.The judicial decision, now final, has not been well received by Inparsa's shareholders, who until 2023 were the majority owners of the hotel chain, until two years ago when Inparsa sold 51% of its shares in Beatriz Hoteles to the fund Guidebridge Opportunities I.
The administrators of Inparsa announced that they would file a complaint against the actions of the Commercial Court judge before the General Council of the Judiciary. Among other points, the co-owners argue that the valuation of their shares to give the green light to the restructuring was "incomplete and obsolete" and that the chain has "proven solvency."
In light of these public statements, the Meru investment fund (Blantyre Capital) has maintained that this restructuring is "the only alternative to guarantee the company's viability and the continuity of employment" and has accused its partners and administrators of "adopting an obstructionist stance."
The plan includes extending the terms of the mortgages on Beatriz Costa (in Costa Teguise) and the Hotel Beatriz Playa (in Puerto del Carmen) and an additional injection to renovate and professionalize the business.
In a press release, Meru has defended that it holds a majority position on Inparsa's financial debt and that it began the restructuring procedure "in the absence" of "a repayment proposal or solution" from Inparsa and its shareholders.
Complaints Before Legal Action
Inparsa has maintained that the process suffered "undue delay" and that the judge "contradicted his own previous ruling, ignored essential financial evidence, and passed judgment without full competence."
Initially, Blantyre Capital Limited filed the approval of a restructuring plan with the Commercial Court, claiming that the entity was in a situation of insolvency. Then, the Court rejected this restructuring, understanding that insolvency was not proven. However, this year, faced with a new proposal, the Court gave the green light to the restructuring.
According to Inparsa, "the same judge who in 2024 rejected Blantyre's plan due to the non-existence of insolvency approved it a year later, without changes in the facts or financial conditions."
Thus, they have argued that "the judicial interpretation contradicts the spirit of the Insolvency Law and opens the door to its use as a speculative instrument, instead of a tool to preserve viable companies." In response, Meru fund has stated that the new Insolvency Law avoids "hijacking" by shareholders "who have a clear conflict of interest."
Finally, Meru has stated that the Guidebridge Investment fund "continues to try to block the implementation of the restructuring plan by any means" and has warned that this "endangers the very viability of the company's business and its employees."