The plenary session of Consell sanctioned a decisive personnel change today, dismissing Isa Castelló, who had served as Director General for the Public Sector and Heritage. The action followed a record of non-compliance with the creditors agreement, a move aimed at preserving the continuity of Fundesem Business School’s operations and avoiding disruption by withholding participation in the agreement that had been approved at the same gathering.
Back in February, the board of the Valencia Institute for Business Competitiveness (Ivace) approved its involvement in Fundesem’s creditors agreement as a path out of bankruptcy. The agreement was designed to prevent liquidation by leveraging a substantial initial investment from the European University of Valencia, which has agreed to cover a major portion of the debt while securing a predictable annual revenue stream. The plan also envisions facilities support to enable a smooth landing in Alicante.
This process required approval from the department under the Ministry of Economy, but the Ministry of Finance had yet to sign off. Over recent weeks, a series of inconsistencies emerged. A report by Castelló questioned the deal’s ratification, suggesting a potential 45 percent cut. Tensions persisted, culminating in Alicante Commercial Court No. 1 granting a 15-day extension to align with the creditors’ agreement due to delays from the Generalitat in meeting maturity terms.
Faced with the looming deadlines, Consell proceeded to honor the deal within the current week or the next. Ultimately, the signature came Friday from María José Mira, who has taken on the role of regional secretary following Castelló’s dismissal. Officially, the move cited personal reasons for the exit, yet insiders cited by this publication point to multiple inconsistencies in Castelló’s approach to the agreement and the factors driving her decision not to ratify it.
Regarding the debt arrangement, Consell approved a 45 percent reduction, amounting to 606,476.50 euros, from a total asset value of 1,347,725.55 euros. This asset, contracted between Fundesem and Ivace, is part of the creditor proposal submitted by Ivace to the Alicante Commercial Court on November 1.
On February 8, Ivace’s board signaled its commitment to comply with Fundesem’s creditor proposal, viewing it as a viable path to restore activity and sustain the organization through a feasible recovery plan.
The proposal also gained the backing of the European University of Valencia (UEV), which committed 1.5 million euros to revive Fundesem’s teaching activities.
Beyond the numbers, the continuity of the Fundesem brand was seen as crucial. The contract endorsed by Ivace management preserves a recognized center for professional training that serves thousands of business people and professionals across the Alicante region, ensuring a continued supply of qualified personnel for the area’s productive base.