In the complex world of corporate bankruptcy, it's common for the money raised from asset sales to fall far short of debt coverage. But in Las Palmas de Gran Canaria, the case of Mar Abierto, SL has become an exception that has left experts speechless. The auction of this company's assets, handled by Commercial Court No. 1, not only covered its €84,7 million debt but also generated a surplus of more than €14 million, ensuring that all creditors will receive what they are owed.
The driving force behind this unusual success was the fierce competition among industry giants to acquire valuable assets. The auction, which lasted two months, featured five key lots, and bidders were unstinting in their offers. The main player was Isla Marina, SL, which placed a strong bid on Lot 1, a three-hotel package, with a staggering €85.001.000, more than double the initial price. It also won Lot 2, a commercial space, in a very tight bidding war against Perfumería Europa. Meanwhile, the Lopesan Touristik, SAU group won Lots 3 and 4 with multi-million-dollar bids, and Servatur, SA won Lot 5, a plot of land, with a bid that raised it to €2.640.000, an unthinkable price at the start of the process.
Despite Isla Marina, SL's resounding victory, the sale of the three hotels comprising Lot 1 will not be immediate. Judge Alberto López Villarrubia has halted the transfer, forcing this transaction to be separated from the rest. The decision is due to two major legal obstacles that, although seemingly technical, are crucial to the process.
First, two of the hotels are in the midst of another legal dispute with the company Proivesa, which prevents their sale until a court resolves the case. Second, as hotel complexes, bankruptcy law considers them "productive units," which requires an unavoidable step: the bankruptcy administrators must hold a hearing with the workers' representatives for a period of fifteen days before the final sale can be authorized.
The final and detailed court ruling has resolved the confusion, separating the auctions for the first five lots from future sales. The judge ordered the immediate transfer of Lots 2 through 5, valued at over €14 million. However, the future of the most valuable hotel lot remains up in the air, pending the resolution of pending litigation and compliance with all legal requirements. It is a story of success and fortune, but one that demonstrates that, even with millions at stake, the commercial process is not without its obstacles.
