Ten months have passed, and Fundesem looks toward a bright future with ambitious goals on the horizon.
The journey begins with the support of Universidad Europea. In the emblematic building on Calle Deportistas Hermanos Torres, plans to establish the Higher Education, University and Business Area are taking shape. As is common with leading Spanish business schools, a strategic alliance with a major university is underway.
Some called it merely title-chasing; those who understand the sector know there is a reason why respected business schools pursue such collaborations.
Fundesem has spent years reaching this milestone. Others have attempted similar paths and faltered, leaving behind heavy debts and unsustainable expenditures. The road was lonely, marked by fiscal strain and difficult commitments that weighed on the organization.
From this point forward, the focus is on the future, even as the past is acknowledged and learned from.
On July 1, 2022, a reflection published about events since April 2019, when the author joined Fundesem, explained the concerns of Ivace, the building’s owner. The question was whether moving Fundesem elsewhere would serve the city best, and how the decision would influence the Fundesem-Universidad Europea agreement and the broader impact on Alicante and its province.
Unexpected developments emerged in June when Ivace agreed to terminate the lease and demand outstanding debts. The data supporting the story is clear. The four-year presidency began in April 2019, and a lease renewed with Ivace extended to 2024, with annual income of 95,125 euros plus 60,000 euros to address accumulated debt—making a total annual obligation of 180,000 euros. Payments continued until reaching 145,785 euros.
March 2020 brought the covid-19 crisis, which reshaped education across the globe. Fundesem invested in technology and inspired instructors and students to transition online, maintaining continuity with limited resources but unwavering commitment. The team adapted over the ensuing months, keeping programs running with resilience.
During the pandemic, requests were made to Ivace for temporary debt forgiveness and rent relief, requests that were not granted at the time.
In 2021, with a quest for a definitive strategic solution, the European University emerged as a viable partner. Dialogues progressed and culminated in a contract signed July 30, 2021. On October 26, 2021, the Fundesem Board of Trustees unanimously approved a new business plan, incorporating an agreement with Universidad Europea and continuing the work necessary to implement the framework.
Alicante City Council later approved the agreement by a memorandum from the Executive Board dated June 22, 2022, enabling its execution. Yet, soon after this momentum, new challenges appeared. Just days after the municipal contract was signed on June 29, 2022, Ivace terminated the lease and claimed the full debt. In response, the Board of Trustees authorized a voluntary bankruptcy filing on July 13, 2022, to halt Ivace’s action and preserve Fundesem’s future.
The bankruptcy filing in Alicante Commercial Courts proceeded swiftly. On July 13, Universidad Europea notified that the contract had been terminated, likely aligning with Ivace’s earlier position. The following day, Ivace confirmed the lease termination and the total debt claim, exceeding one and a half million euros accumulated over ten years. These were the darkest days of the ten months, accompanied by a sense of emptiness among staff and stakeholders.
July also brought painful layoffs for Fundesem personnel, with ongoing programs winding down and remaining students redirected to partner institutions for continuity.
Yet there was steadfast belief inside the organization. With the Governing Council and the continued leadership of managing director Ismael Navarro, and the finance lead, Violeta Peregrina, Fundesem began to reverse the course. In the final days of July, discussions with the bankruptcy administrator, who initially urged liquidation, shifted toward seeking a lasting path for Fundesem’s continuity.
In late August, new negotiations emerged. The European University in Valencia, led by its rector, lent its support, affirming that Fundesem deserved preservation. A decisive agreement followed, with Universidad Europea contributing one and a half million euros to support the competitive process and sustain Fundesem. This arrangement allowed creditors to recover 55% of their claims should bankruptcy proceed, plus an annual payment of approximately 400,000 euros over the next decade, while preserving know-how and enabling health sciences collaborations with Universidad Europea.
The bankruptcy administrator returned after the summer with renewed resolve, championing Fundesem’s cause and helping secure a path to salvation. The creditor body showed broad support for the plan, and by November 16, 2022, the administrator and judge deemed the bankruptcy accidental and not blameworthy for the school.
On November 23, 2022, the court accepted the settlement offer, which established the framework for a 55% debt recovery and highlighted Fundesem’s role as a driver for Alicante’s productive sector. The decision underlined the province’s economic benefits and the school’s contribution to local industry.
In February 2023, Ivace’s board approved participating in the Fundesem deal. By March 10, 2023, the Consell general assembly unanimously endorsed debt forgiveness for Fundesem. A few months later, on April 26, 2023, Fundesem emerged from bankruptcy, and by April 28, 2023, a ten-year lease agreement with Ivace was finalized, acknowledging a market-aligned rent while maintaining the school’s strategic footprint.
Today, Fundesem stands with zero debt, a ten-year lease, and an agreement with Universidad Europea that supports substantial investment. The school remains the sole tenant, with the Board of Trustees continuing to guide its mission. The collaboration with Universidad Europea strengthens Alicante’s private university landscape, complementing the public system and expanding opportunities for international students and local professionals alike.
As Fundesem renews its commitment to education, the plan includes substantial refurbishments to the building, ongoing digitization, and enhanced facilities to serve more than 60,000 graduates over time. The partnership with Universidad Europea will drive improvements in infrastructure and program quality, ensuring the school can deliver high-impact education aligned with industry needs. The aim is clear: Fundesem will resume full-scale education in October, delivering value and pride to the city and its people. The overarching message is simple—everyone contributed, and together, the community can rebuild and thrive.
Notes: contemporary references are provided for context and attribution to the organizations involved in this transformation.
—End of narrative— and partner institutions overview.