Fundesem’s board of trustees approve bailout proposal for European University

First test passed. this patronage Fund us Green light for Wednesday consensus to the proposal submitted by the board of directors to feasibility for business schoolWhat happens by forming an alliance with? European University share facilities and strengthen management. In this way, the private center is willing. immediately inject 1,250,000 euros to the foundation so Fundesem can pay off half of the debt that caused it to file for bankruptcy last July and get a haircut for the rest.

Also, the European University In return 400,000 Euros per year to use facilities to teach from business school four degrees in socio-healthhe was going to do something important too investment to provide the necessary material and technology to update them and train their students. In total, the private center is considering an investment of: 12 million for all concepts to condition the building.

Of course, in return for contributing all that money, those in charge of the private center, daily management control Fundesem’s photo. Thus, they would control the majority of the foundation, as well as the three members who would be on the board of trustees of the foundation, which is the highest governing body of the foundation. Board of Directors and they would appoint the manager to promote the professionalization of the centre. For his part, Fundesem’s chairman and vice-chairman were to be appointed from among prestigious businessmen well-known in the state, as before.

This section is the most descriptions demanded the bosses present at the meeting and compelled its president, Cayetano Sánchez Butrón, to emphasize that it is the board of directors that makes the big decisions, and that the governing council only implements and manages the centre.

The chairman of the Chamber of Commerce did not attend the meeting this Wednesday, Carlos BathAt the previous board of trustees meeting – before presenting the contest – he was very critical and even demanded the resignation of Sánchez Butrón. Unsurprisingly, Baño has been openly opposed to granting some of Fundesem’s facilities to the European University, given allegations that it could host the Chamber’s headquarters in the future.

After the Board of Trustees approved the European University proposal, now the next step is, the approval of the two relevant administrations, most Alicante Town Hallwho owns the land on which the building is located, and Valencia Institute of Business Competitiveness (Ivace) was responsible for the construction of the property and was the owner of the property. In fact, the main debt of the business school belongs to this autonomous body, subordinate to the Department of Sustainable Economy, which owes 1,656,000 euros for rent, which accelerates the competition.

According to consulted sources, the bankruptcy manager will be liable submit the offer From the European University to both administrations, who don’t want to get wet for the time being.

it would be irresponsible to pronounce Any misplaced opinion about a plan that must be approved by creditors and a judge can stipulate whether it will be approved by the judicial authority,” said the Alicante mayor. luis barcala, hours before the patronage celebration. “Fundasem has chosen the judicial remedy of the insolvency case, and therefore we must be very respectful and responsible in resolving the procedure. We must not forget that the proposal of applicability is submitted to the court, not to the public administrations” , the mayor insisted. For their part, they prefer to wait for any proposals to be formally communicated before making any comments from the Rafa Climent-run Conselleria.

After the approval of Ivace and the City Council, which is one of the basic conditions required by the European University, Fundesem’s applicability plan will be transformed into a formal agreement proposal and submitted to a vote at the creditors meeting. .

Source: Informacion

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