The Commercial Court number 2 of Las Palmas de Gran Canaria has denied the approval of a restructuring plan requested by a creditor of the Beatriz hotel chain, which has two tourist establishments in Lanzarote, understanding that the entity is not in a situation of insolvency.
Restructuring plans are an instrument available to debtors who are in a situation of insolvency and can be used when there are prospects that said situation can be resolved.
In addition, the Court lifted the measure that prohibited initiating judicial or extrajudicial executions against the assets of the entity Inversiones y Parcelaciones Urbanas S.A, known as Inparsa, and lifted the paralysis of the executions already initiated.
Inparsa is the company that manages the Beatriz Costa and Beatriz Playa hotels on the island, one in Costa Teguise and the other in Puerto del Carmen. Furthermore, according to the newspaper El Confidencial, Meru is the sole creditor of the Costa Teguise hotel with a credit of 17 million and another credit of seven million in the Puerto del Carmen hotel.
The same source reveals that "the origin of the conflict lies in the sale of a majority stake in the hotel company to the GuideBridge fund." In the judicial resolution that La Voz has been able to access, the creditor argued that "Inparsa is in a situation of current insolvency" and that since the Guidebridge Opportunities I fund took 51% of the shares of Beatriz Hoteles in 2023, it "failed to comply with its payment obligation."
The Court has rejected the request submitted by the creditor entity Meru. As justification for this decision, the Court has highlighted that the first of the requirements to obtain said approval is that the entity is in a situation of insolvency. However, it emphasizes that in this case "it cannot be concluded that there is current insolvency by the sole will or interpretation of the creditors."
A motion for reconsideration may be filed against the judicial resolution within five days before the same judicial body.