The Juan Carlos I hotel in Barcelona has its future guaranteed with the judicial approval of the bankruptcy agreement, a pact supported by the majority of creditors necessary to avoid liquidation.
According to the sentence, to which this newspaper has had access, the agreement has had the support of 360 creditors representing 73.1% of the ordinary liabilities, of 120 million euros. It is a majority that is more than enough to push the pact forward, since the legal minimum is 65%. “It is a good agreement because it ensures the continuity of the business,” celebrates the lawyer Andrea Perelló, from the Cuatrecasas law firm, which has advised Barcelona Project’s, the firm that owns the emblematic hotel.
The agreement presents two options to creditors: either convert their liabilities into company shares or accept a 95% debt reduction. Among the creditors who have opted for the first option, the Teref fund stands out, managed by the Tyrus group, which holds almost half of the liabilities. “Other creditors who hope to collect more money with the dividends that the hotel will generate once the Meliá hotel chain takes over management have also opted for this option,” says lawyer Tomás Nart, Fieldfisher’s restructuring partner, who has advised one of those affected. Instead, other creditors such as workers or some suppliers have chosen to collect 5% of the debt.
The judicial approval was finally notified this week after the promoter to Trust
Apart from the agreement, it remains pending for the judge to rule on the resolution of the Fairmont management contract. The Canadian chain is against the new management agreement with Meliá and claims compensation of 19 million euros. The trial will be held on July 14. Terminating the contract seems the most likely option, taking into account the agreement that Barcelona Project’s closed with Meliá to give continuity to the hotel, which will be renamed Miranda de Pedralbes. The remodeling works are already underway and the extension of the ERTE is being negotiated with more than 300 workers. The conference center is expected to reopen in October and the hotel to reopen on January 1, 2024 at the latest.
In a press conference, Meliá announced on Tuesday an increase in its reservations for this summer of 30% on average compared to those registered in 2019, which indicates that the high season could be historic. The CEO, Gabriel Escarrer, explained that at Easter the hotel’s revenues already grew by 26.4%.
