Despite the successful auction proceeds, the sale of Mar Abierto, SL's assets is not without complications. Commercial Court No. 1, headed by Magistrate Alberto López Villarrubia, has issued a resolution authorizing the provisional award of the five auctioned lots, but categorically halting the transfer of ownership of Lot 1, the most valuable asset, awarded to Isla Marina, SL.
The court's decision is based on two insurmountable obstacles that demonstrate the complexity of bankruptcy law. First, the sale of the Valle and Lago hotels, which are part of Lot 1, is suspended due to a separation action filed in a bankruptcy proceeding by the company Proivesa. The prohibition on any disposal of these registered properties will remain in place until a first-instance judgment is issued, which temporarily halts the transaction.
Secondly, the court emphasizes the need to comply with Article 220 of the Consolidated Text of the Bankruptcy Law (TRLC), which requires a prior hearing with employee representatives for a period of fifteen days before authorizing the sale of production units. This measure, which affects the three hotels in Lot 1, is a mandatory legal step that the judge cannot ignore, adding a delay factor to the process.
The ruling also addresses Isla Marina, SL's request to disassociate its offer from the bids for the new Lots 6 and 7, making it clear that these are separate auctions. In order to avoid further delays, the judge has ordered the bankruptcy administrators to proceed with the necessary procedures for the execution of the deeds of sale for Lots 2 through 5, which do not present the same legal obstacles. With the award of the initial five lots, creditors' claims would be satisfied.
