Commercial Court No. 1 of Alicante approved a 15-day extension to align with the creditors’ agreement, a move recommended by Fundesem’s leadership to arrange the center’s debts. The extension was granted at the request of the bankruptcy administration, with the Generalitat prepared to undertake all required steps to participate in the offer.
The Autonomous Administration’s involvement is pivotal in this process, since the Valencia Institute for Business Competitiveness (Ivace) carries most of the obligations of the Alicante business school. Of the 2.7 million euros owed, Ivace is responsible for 1.6 million.
Although the autonomous body’s governing board has already accepted the proposal, the final approval rests with the Ministry of Finance and the plenary of the Consell. There was talk of a possible approval on the previous Friday, but the matter was not on the agenda. The court’s deadline for annex submissions expired on Wednesday, March 1. In response to this timing issue, the foundation and the bankruptcy administration requested a second extension—after an initial extension had already been granted in January—so that all procedures could be completed.
Jury extends Fundesem competition to give Ivace time to decide
The creditor agreement proposed by Fundesem includes settling about 55 percent of the debt. Thanks to a 1.5 million euro contribution from the European University, the center would cover the remaining balance. That arrangement translates to a 45 percent discount on the total debt.
The building housing Fundesem is owned by Ivace. The arrangement foresees that, in return for this contribution and annual payments totaling roughly 400,000 euros for various items, the Private University can utilize Fundesem’s facilities to offer up to four degrees in the socio-sanitary field. Generalitat, the landlord of the building built on municipal land, initially resisted this option but ultimately accepted it to prevent the disruption of the business school supported by Alicante’s business community.
Most of Fundesem’s debt stems from rent arrears for the building, and this prompted Generalitat to consider eviction as a last resort. Faced with significant financial pressure, Fundesem chose to file for bankruptcy to avert larger consequences. The expectation now is that Generalitat will not block Ivace from joining the proposed payment plan, allowing the center to move forward with its educational mission.
Overall, the process demonstrates how public entities and educational partners in the region collaborate to preserve important local institutions, safeguard jobs, and maintain access to business education for the community. The careful balance between debt restructuring and the continuation of academic programs is seen as essential for the economic vitality of Alicante and the wider Valencian community. [Fuente: Ivace / Generalitat]