The bankruptcy administration has chosen to extend the deadline to secure commitments under the creditors agreement. In Alicante, the business school project has faced delays from the Generalitat while preparing for a renewed start. Ivace, already a creditor, has agreed to participate in the plan for payments and the restructuring, as coordinated by the center managers. Approval from the autonomous department of tax offices is still required, and the plan will be presented to a council plenary for a vote.
Although the continuation is expected to face no major obstacles, the proposal could not be added to the Valencia Executive Committee agenda for the last meeting. As a result, it cannot be approved before the court-prescribed deadline expires on March 1. After the first extension, which Ivace had already approved, the plan was set for a public vote.
On February 8, the body convened a meeting and the proposal received unanimous support. The participants, including those responsible for Fundesem and the debt settlement plan, discussed contributing 55 percent of the debt, which amounts to 1.5 million euros payable by the European University, and offered a discount on the remaining balance.
The bid requires the adhesion of the Generalitat because Ivace stands as the primary creditor of the training center, holding roughly 1.6 percent of the 2.7 million euros in liabilities. The debt stems from the nonpayment of rent for the Fundesem headquarters, located on Deportistas Hermanos Torres street in Alicante, built on a municipally owned plot to house the Generalitat’s business school.
The foundation’s viability plan envisions a partnership with Universidad Europea, which could use the facilities to offer up to four degrees in the socio-sanitary field. This collaboration would mean a significant new presence in Alicante and would allow the center to assume day-to-day management of the private central business school, guaranteeing an annual income around 400,000 euros.
While the ministry did not initially expect a transfer of public property to a private university center, Fundesem had resisted requesting competition in July of the previous year. Ultimately, authorities gave more weight to the savings prospect promoted by the Alicante business community and prevented the loss of a key local educational asset. [Citation: Local government reports and reports from Fundesem partners]