Commercial Court No. 1 of Alicante, a 15-day new extension in the period stick to the creditors’ agreement Recommended by those responsible for Fundesem to settle their debts. The decision taken at the request of the bankruptcy administration, generalitat can do it all necessary procedures to join the offer
The Autonomous Administration’s commitment is key in the process, because Valencia Institute for Business Competitiveness (Ivace) is the one who has most of the obligations borne by the Alicante business school. 1.6 of the 2.7 million euros owed by the center.
While the governing body of the autonomous body has already accepted the proposal, it is now the Ministry of Finance and the Consell plenary that must give final approval. Although there is a possibility that it will be approved last Friday, in the end was not on the agenda because it was impossible for it to be approved before the court’s deadline for receipt of the annexes expired on Wednesday, March 1st. Faced with this situation, the foundation responsible and the bankruptcy administration made a request. a second extension -the first one was already given in January- so that all the procedures can be carried out.
The creditor agreement offered by Fundesem includes: payment of about 55% of the debt Thanks to the 1.5 million contribution that the European University is willing to make, the center is in the rest. A 45% discount will be applied.
In return for this contribution and annual payments for various items up to approximately EUR 400,000, Private university can use the facilities of Fundesem to teach up four degrees of the socio-sanitary field. Moreover, it is an option that Generalitat, the owner of the building built on municipal land, disliked, but eventually accepted to prevent the disappearance of the business school promoted by the Alicante business community.
Most of the debt Fundesem carries, failure to pay the rent for this building repeatedly, Therefore, the Generalitat even threatened to evict the business school, which chose to file for bankruptcy to avoid greater evils.
In principle, Generalitat is not expected to prevent IVACE from adhering to the payment plan proposed by those responsible for the training centre.