Fundesem has obtained court approval for a restructuring proposal aimed at reducing debt and stabilizing its operations amid a bankruptcy situation. The president of Alicante’s Commercial Court 1 has sanctioned the school’s strategy, which includes an alliance with the European University to strengthen educational activities. The plan proposes paying up to 55% of the outstanding amount in a single installment during the first year, with a reduction applied to the remaining 45%.
The court has also considered the competitive evaluation while noting no evidence of wrongdoing or fraud by the center’s leadership, based on the directions issued this Thursday.
As of now, those responsible at Fundesem have two months to secure creditor approval under the provisions of the new Enforcement and Bankruptcy Law. A favorable statement from the undersecretary is required for the plan to advance.
The public institution connected with the Conselleria de Economía Sostenible serves as the main creditor, holding a stake of 1.6 million euros of the total 2.7 million euros owed. The plan includes a lease-back arrangement for the headquarters, located on Deportistas Hermanos Torres street in Alicante. The project benefits from a timely agreement that involved the City Council, which transferred the land for the site.
In the past, non-payment issues led Fundesem to enter a competitive process after external authorities and the European University did not support the feasibility plan. This resulted in the termination of the lease and a claim for all outstanding debt, a move contemplated by the foundation led by Cayetano Sánchez Butrón through a voluntary competition filing.
The initial creditor list shows Fundesem’s debt at 2.7 million euros.
Despite some reservations from the department led by Rafael Climent, the leadership of the business school chose to withdraw the agreement with the European University. That agreement, viewed as a path to ensuring the center’s viability and long-term future, would have had both institutions jointly supplying information for several master’s and other postgraduate programs. It would also have allowed the private university to use Fundesem facilities to teach various degrees in the socio-sanitary field, a move seen as a potential boost for the Alicante market.
Injection of 1.5 million euros
To secure Fundesem’s viability, the European University presented an initial injection of 1.5 million euros. This funding would cover 55% of overdue debt and provide annual payments of roughly 400,000 euros to the business school for additional initiatives.
Under this plan, the center anticipates approximately 2.3 million euros in revenue for the 2027/2028 academic year, with net results near 334,000 euros.
The judge praised the proposal, noting that the alliance could not only preserve the foundation but also revitalize its teaching activities and support its founding mission. The document highlights expected benefits for the Alicante province and, specifically, for the business ecosystem surrounding Fundesem.