Taurina Alcalaína obtains majority support for its viability plan, with counsel from PradaGayoso

The franchisee for the Alcalá de Henares Bullring resolves its future

PradaGayoso has advised Taurina Alcalaína SLU to reach an agreement with its creditors enabling the franchisee of the Alcalá de Henares Bullring to face its future with renewed optimism. The firm of restructuring specialists has guided Taurina Alcalaína throughout the entire legal bankruptcy proceedings until achieving the support of over 90% of its liabilities for its viability plan.

The meeting of creditors, held yesterday in Commercial Court number 2 of Madrid, approved the agreement proposed by the company, which entails a debt reduction of 95% for creditors.

The company’s viability plan pivots on generating revenues both by organising shows in the bullring – either music or bullfights – as well as letting shops in the edifice itself.

The PradaGayoso team that has led the restructuring has been made up of business crisis specialists Félix Salgado, Ignacio Claver and Guillermo Prada.

Ignacio Claver, project manager, highlights the credibility of the viability plan for creditors as one of the keys to success. ‘A business crisis is overcome if there is a business owner with drive, creditors that believe in the project and a bankruptcy administrator that does not stand in the way. Our role is to join forces and provide our experience to persuade creditors that – no matter how tough debt relief may seem at first glance – in the long term it tends to be worse to liquidate the company.’