Justice endorses the rescue of Beatriz Hoteles in Lanzarote with a plan led by Blantyre Capital

The Commercial Court number 3 of Las Palmas de Gran Canaria has validated the restructuring plan of the company that owns Beatriz Hoteles in Lanzarote (Inparsa) presented by the Blantyre Capital fund.

In a statement, this firm based in London details that the plan contemplates the conversion of debt into a majority position in the capital of Inversiones y Parcelaciones Urbanas SA (Inparsa), in a series of steps that have the support of "the vast majority of the company's creditors".

The main measures of the plan are the total capitalization of Inparsa's unsustainable debt, an extension of the terms of the mortgage charges on the Hotel Beatriz Costa (in Costa Teguise) and the Hotel Beatriz Playa (in Puerto del Carmen), as well as an additional injection of capital for the renovation and professionalization of the business.

The investment director of Blantyre Capital, Miguel Cebrián, assures that this restructuring plan of the two hotels in Lanzarote guarantees the maintenance of their jobs.

"From now on, with an active management strategy and an ambitious investment program, we will focus on creating sustainable value for all our stakeholders. On the other hand, the legal certainty transmitted by this ruling (of the Commercial Court) reinforces Spain as a serious and modern jurisdiction for channeling investments," he argues.

According to Blantyre Capital, "before the restructuring plan, Inparsa was a highly indebted company that had been forced to delay the payment of its debt on numerous occasions since 2013 and had forced its creditors to various financial restructurings in 2012, 2015 and 2020".

"Subsequently, in November 2023, the company became unable to face the payment of its due debt again," he adds.

Blantyre Capital has experience in the hotel business, as it manages about twenty establishments of this type in Spain, Italy, the United Kingdom and Germany, with 1,500 employees.

After the judgment issued by the Commercial Court number 3 of Las Palmas de Gran Canaria, Inparsa becomes the fourth company - after Celsa, Naviera Armas and Grupo Rator - that obtains the approval of the non-consensual restructuring plan presented by the majority creditors in accordance with the terms included in the Insolvency Law of 2022.

"This resolution reinforces legal certainty in business restructuring processes, offering certainty to both creditors and companies about the validity and effectiveness of the agreements reached," says Blantyre Capital, which has had the Cuatrecasas firm as legal advisor in the operation.