The value of the Anfi del Mar shares that have been recorded for sale between Lopesan and Manuel Santana Cazorla are below the market price in the opinion of the CNMV and this could disrupt at the last minute the bankruptcy process that has been underway since March 2024. The news about Maspalomas24H has surprised the holders of usage rights, who had largely been convinced, given the age of many of the owners, that the best way out was to make a reduction and forget about it. BaFin questions the price of 36 million euros and has asked Lopesan to clarify these figures, as well as to disclose all the accounting of the companies around the world..
Financial sources consulted by Maspalomas24H indicated that "a certain law firm in Arguineguín had made a mistake" by "not having verified the international accounting standards as requested to be clarified by the BaFin", that is, the German financial regulator. The question now is what measure Manuel Santana Cazorla will take given that the difference in price of 36% with respect to the figure being considered by German officials "is drastically different".
The Madrid office that defends Santana Cazorla's interests has also turned the Berta gun from the Las Palmas courts to the headquarters of the German financial regulatory body. There, too, the legal office of Santiago Santana Cazorla's family could have contaminated the process by having executed a strategy that is apparently inadequate due to the null effects it has had so far.
In March 2024, Anfi announced in a statement the existence of an agreement between the creditor banks to sign an agreement linked to the company's bankruptcy. The agreement, it explained, had been made possible thanks to the "financial contribution and effort" of Lopesan, which was the one who, through its subsidiary IFA Canarias, "guaranteed the necessary funds so that the creditors can finally collect." IFA Canarias is based on a German company and the German regulatory authorities are the ones that have targeted Lopesan because they consider that in its payment it "violates (literally)" multiple articles of the IFRS, that is, International Financial Reporting Standards, also known by its acronym in English as IFRS.
Anfi Sales and Anfi Resorts have been in bankruptcy since 2021, a compulsory bankruptcy filed before Commercial Court Number 1 of the capital of Gran Canaria by Isla Marina, a company belonging to the Lopesan Group, to which more than 20 million euros were owed, and which was accepted after confirmation of the expert reports in which the "lack of liquidity and solvency" of the companies was highlighted.
In February 2023, at the proposal of the debtor companies, Anfi Sales and Anfi Resort, with the financial guarantee of IFA Canarias and the support of Isla Marina (Lopesan), it was supported in this first phase by 73 percent of the creditors, among which was also the public credit. This viability plan finally achieved the support of 98 percent of those affected, who expressed this to the court "despite not having been able to adhere to the agreement on time." The agreed agreement proposed two alternatives to the creditors: on the one hand, an option that contemplated a 45 percent reduction in exchange for guaranteeing the collection of the remaining 55 percent, while option B focuses on the capitalization of credits without a reduction.
