The Commercial Court number 1 of the capital of Gran Canaria has assessed, at the proposal of the bankruptcy administrators, that the sale price of Anfi del Mar is 400 million euros. The external bankruptcy administrator Enrique Sirera Ebrí has begun to move pieces in the tourism sector to find a buyer for the group, at least, in the 50% that the Santana Cazorla family has.
Judge Alberto López Villarrubia accepted the request for administration of these companies, made by Isla Marina, a subsidiary of the Lopesan Group. The decision was made on the basis that Anfi The Group cannot service or refinance debt amounting to 56,6 million euros. Families who have weeks purchased in Anfi are generating pressure to prevent their investment in time sharing from going through the air.
Lopesan owns 50% of the shares of Anfi Sales and Anfi Resorts. The other half belongs to Santana Cazorla, who owns the so-called golden share, which gives them a preferential position over Lopesan in various matters. It appears that by forcing Anfi companies into bankruptcy, Lopesan is getting closer to gaining full control of Anfi. That is why the brothers who make up Santa Cazorla have had to come to blows in court, as Maspalomas24H announced this week.
A report examined by the court describes the financial situation of the two Anfi companies as "ideal", but also recognizes that Anfi needs new credit or refinancing. Anfi not only owns a viable business, but also owns large amounts of real estate. Therefore, the bankruptcy process is expected to result in a recovery of the business and not a complete liquidation. This could be done in several ways, including negotiating late payments, deducting credits, and increasing the company's capital.
