The Commercial Court ends the sale of the Ciudad Real airport to CRIA for 53.4 million

Image result for ciudad real airportCIUDAD REAL, 17 (EUROPA PRESS)

The Court of First Instance and Instruction No. 4 and of the Mercantile of Ciudad Real gave this Tuesday the sale process of the Ciudad Real airport with the definitive award to the company CR International Airport SL, for an amount of 53,390,000 euros. plus the amounts owed – according to what was agreed in the writs of April 23, 2018 and May 22, 2018 – and thus accepts the proposal of the provisional adjudicator consisting of an assignment of the credit for the payment of the pending price of the airport .

Thus it is clear from the car, dictated by the owner of the Commercial Court, Carmelo Ordóñez, who points out that said cession of the credit comes from the final judgment of the Contentious-Administrative Chamber of the TSJ of the Balearic Islands condemning the Autonomous Community of the Balearic Islands to the payment of an amount close to 87 million euros (about 65 million euros of principal, plus legal interests since May 2009 –other almost 22 million euros–) to the administrator of CRIA, all this as a result of a contentious-administrative procedure that was settled in court.

According to the legal basis of the car, which has been accessed by Europa Press, the conditions for accepting the payment proposed by CR International Airport SL (CRIA) require the Contentious-Administrative Chamber of the TSJ of the Balearic Islands to inform the Court of the Mercantil de Ciudad Real the firmness of the sentence, for which the corresponding official letter has already been sent to said judicial body, and that the Government of the Balearic Islands, once the present order has been communicated to it as well as the finality of the judgment, respond in writing, before September 30, 2018, accepting the payment of the monetary conviction and ensuring that the total payment of the amounts is made before December 31, 2018, and in any case no later than December 31 of 2019, so as not to prejudice the interests of the contest.

Once the Mercantile Court of Ciudad Real arrives at the communication of the finality of the Judgment of the TSJ of the Balearic Islands, and it is confirmed that the official letter sent to the Balearic Government has arrived correctly and has answered positively before September 30, 2018 , the Bankruptcy Administration and the buyer, CRIA, must appear within the maximum period of 5 days in the notary for the signing of the public deed of sale. Once published in the BOE, CR International Airport SL will hold the status of buyer, promoter and manager of the Ciudad Real Airport.

ELEVEN ALLEGATIONS

Image result for allegationAs Europa Press has already advanced, the order states that there have been 11 allegations submitted to CRIA’s payment proposal, now accepted by the judge. Of those 11 allegations, two that correspond to creditors have been contrary, and the rest, including the Insolvency Administration, the insolvent company and the three most important creditors for the amounts of credit against the recognized contest mass have accepted said payment proposal .

The magistrate reviews in a neat way the reasons and the circumstances that have led him to accept the dation in payment proposed by CR International Airport SL, among them that CRIA has been the only provisional contractor, who has disbursed 5% of the payment of the infrastructure and that it has made improvements and investments, as well as efforts to obtain the rehabilitation of airport licenses and the recovery of airspace.

Likewise, it has also taken into account that the form of payment proposed by CRIA is a real and secure credit right, which adds with capital and interest 86 million euros that more than covers the purchase price of the airport, and that this assignment of the Credit is a payment method with which the obligations are fulfilled, with the effects of a solution, all based on numerous jurisprudence around the figure of the transfer in payment; that said payment title is a final judgment, as established by the Supreme Court, and without the possibility of any type of appeal; that there is evidence that said judgment of the Supreme Court of the Balearic Islands is real and firm; or that the condemned to the payment is a public administration.

To all this is added, underlines the magistrate, the intention expressed publicly by the Balearic Government to pay the monetary sentence of the sentence of the Supreme Court of the Balearic Islands in the current financial year, as they have publicly stated representatives of the Balearic Government.

GOOD FOR GENERAL INTEREST

For all these reasons, Judge Carmelo Ordóñez has indicated that he has accepted this payment proposal made by CR International Airport SL considering that it is good not only for the interest of the contest, but for the general interest of Castilla-La Mancha, with the future implementation of airport infrastructure.

The magistrate contemplates in the writ – against the one that can only appeal for reinstatement – all the possibilities as of the acceptance on the part of the Court of the proposal of payment made by CRIA, such as the form in which it will proceed to the cession of the credit in payment once the Judgment of the TSJ of the Balearic Islands is executed, the management of the 5% of late interest offered by CRIA in case of delay in the procedure, and that will reach 2.8 million euros, as well as the in which the amounts received from the assignment of the credit will be allocated: firstly to the payment for the purchase of the airport, secondly to the payment of the debts to the Treasury that has CRIA pending, and in third place to obtain the liquidity that the buyer needs to start the Ciudad Real airport, all with prior judicial authorization.

In the order, the magistrate authorizes the Bankruptcy Administration to arbitrate agreements with financial institutions that allow the creditors with credit against the mass of the recognized contest the immediate collection, if they so wish, of said debt. All with a discount percentage on the debt for prompt payment.