Anfi Bankruptcy: Latest News

In the continuing story of Anfi and the liquidation of Anfi Sales SL and Anfi Resorts SL, 50% of which is owned by Grupo Santana Cazorla, AIT has been reliably informed that the Anfi Administrators have now placed an offer on the table. This has been communicated to creditors and those legally represented in claims against Anfi.

According to our information, the offer is for 55% of the claim being paid with 91% now and the balance in five years, for creditors who refuse they are being offered shares in exchange.

Now this does beg the question of what shares, shares in what, surely, they don’t mean “timeshares”, after all, those who are claiming in the courts want out of their timeshare and will most definitely not want more.

So, what is this offer all about, quite simply it looks like another attempt to delay proceedings, especially when our investigations turned up some other interesting information.

According to Atlantico Hoy, an online news publication, a group of investors has filed a writ with the Mercantile Court of Las Palmas de Gran Canaria, with the intention of purchasing Grupo Santana Cazorla and thus the 50% holding of the two Anfi companies.

It is not clear at present who these “investors” are, but from the reports in Atlantico Hoy, it appears this is yet another move by the Cazorlas to delay proceedings and keep control of their Anfi shares. As we already know, IFA Canarias, which is part of the Lopesan Group, already own 50% of Grupo Anfi and apparently the “Golden Share”, which gives them control over the board of directors.

According to Atlantico Hoy, the Cazorla Group bankruptcy administrators requested a “hearing of precautionary measures” by the court in order to achieve a better solution and authorise it to start the sales process. It is a move to maximise the value of the main asset Grupo Anfi, a move that is being seen as an attempt to prevent Lopesan from not paying the market price. In other words, if they want it, they will have to pay dearly.

It also transpires that the Cazorla Group in their request for a “hearing of precautionary measures” also challenged agreements adopted by the Anfi board in February, apparently due to a “conflict of interest” of directors who “depend” on IFA Canarias. The approved creditors’ agreement was passed by the directors present (IFA) with the Anfi directors apparently not being in attendance.

This hearing was suspended in March due to the non-appearance of Enrique Sirera, the Anfi bankruptcy administrator, and other witnesses. Lawyers representing some 1000 Anfi creditors did attend.

Right from the start of the “bankruptcy” proceedings, it was evident that this procedure would take a long time, which is certainly proving to be the case. There are claims and counterclaims, accusations and counter-accusations being bandied about, the main one being “conflict of interest”. It has turned into a very mucky case, which is likely to last a lot longer than first thought.

So, what does this mean for those Anfi members awaiting payment ordered by the courts?

In a nutshell, they are unlikely to receive their payments any time soon, if ever. This will drag on through the courts for a very long time, after all, there is a lot at stake. This is a battle between two rival companies with the timeshare members stuck in the middle, not knowing if or when they will be paid or even if the timeshare model will continue.

As for the lawyers representing these claimants, it is believed that they may have already rejected the offer, if this is the case, then it is not surprising considering the proposal being offered.

For those Anfi clients who are involved, if you have not been informed of the latest news, you should contact your lawyers for more information on your case. We suspect that the scam operators will use this information to mislead you, remember, if your own genuine lawyers have no control over proceedings and get you paid quickly, then how can anyone else?

As more information becomes available, we will publish it here, the following links are to the Atlantico Hoy articles.

6 April 2023

31 March 2023

Following on from our article on Friday, the number of “attempted logins” has increased dramatically, this was to be expected, including further fake emails supposedly from IONOS. It is obvious from this, AIT has ruffled a few feathers, all we can say is if the developers persist in how they operate, then we will continue to publish.

That is all for today, we hope you all had a great weekend, with cooler weather and no calima, Baby Dog insisted on going out, and bang went my afternoon of watching football.



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