The Commercial Court No. 1 of the capital of Gran Canaria approved on September 20, 2021, the declaration of the necessary bankruptcy of the tourism companies Anfi Sales S.L. and Anfi Resorts S.L., not of Anfi group. An appeal can be lodged with the regional court against this agreement, but it is not suspensive. The magistrate agrees with the opinion that the debt in 2020 amounted to € 56.6 million, with no scope for new loans or refinancing. Of this, € 30 million is owed to the Lopesan subsidiary Isla Marina and € 26.6 million to plaintiffs of illegal contracts.
As part of the bankruptcy proceedings, the two companies are placed under administration with the aim of satisfying the creditors. This has nothing to do with liquidation in this phase. The assets of Anfi Sales and Anfi Resorts include the timeshare holiday complexes “Anfi del Mar” and “Anfi Tauro”, business parks, two golf courses (18-hole championship and a 3-par golf course) and properties with an area of approx. 405,000 m2 of tourist and commercial use.
Spanish bankruptcy law follows the principle that the public and creditors’ interests are best served when the company reorganizes or refinances, continues its activities and reaches an agreement with the creditors. Such an agreement in the form of an insolvency settlement or a refinancing agreement can be concluded before the opening of the insolvency proceedings and should serve to avoid liquidation in the event that the proceedings have already been initiated. If this is not possible, the legislative goal is to promptly initiate the liquidation of the debtor and realize the assets.
We shouldn’t worry because the administrator’s ultimate goal is to keep Anfi in business. In the event of liquidation of the two companies, this can also be the sale to another operator such as Lopesan. Lopesan holds already 50% of Anfi through LS Invest AG.
The trustee of the clubs, with the timeshare apartments as a pledge, contractually secures the residential rights of the owners of the right of residence (members) vis-à-vis the owner Anfi Sales & Co. It can be assumed that the administrator will take into account the contracts concluded by Anfi, including the trustee agreement. This has already been declared by the administrator and the bank accounts of the clubs are kept separate. This means that the five clubs Anfi Beach Club, Club Puerto Anfi, Club Monte Anfi, Club Gran Anfi and Anfi Emerald Club operated by Anfi Resorts are not affected and you can continue to use your residential rights there.