HomeHotelThe Marbella hotel Finca Cortesín is saved by the new bankruptcy law

The Marbella hotel Finca Cortesín is saved by the new bankruptcy law

Single Homethe real estate company that owns the Finca Cortesín luxury hotel and residential complex of Marbella has reached an agreement with the Avenue backgroundmain creditor of his debt of its 156 million eurosto save the company relying on the new bankruptcy law.

As revealed by El Confidencial, the company and the fund have been in confrontation for several months regarding the company’s restructuring plan. This is the first case of great relevance under the new law in which two different plans: one from Single Home and one from Avenue. The Commercial Judge number 5 of Madrid accepted the one proposed by the company, being the first to appear, and the merits challenged it before the Provincial Court of Madrid.

But, shortly before the hearing was held, scheduled for the third week of January, Single Home and Avenue managed to bring their positions closer and agree on a new roadmap that, now, must be submitted to the vote of all its shareholders, for which the promoter has called a extraordinary meeting, next February 14.

Related information:

-Tourism bankruptcy proceedings fall by half

-This is how bankruptcy proceedings go in travel agencies and hotels

-Buades Legal: what you need to know about the bankruptcy law reform

Source: Hosteltur

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