Park Street Advisors Pulls Out Of Husa Rescue Plan

9 May 2016 – Expansión

Park Street Advisors, the London fund specialising in distressed assets, which was going to come to Husa’s rescue, has got cold feet. The group has ruled out the possibility of developing the agreement that it had reached with the Gaspart family to create a joint venture to take control of the parent company, Chain, and inject €1.5 million to ensure its continuity.

Sources close to the company owned by the Gaspart family have confirmed that “this operation will not go ahead”, although “they do not rule out possible future collaborations”.

The agreement with Park Street was announced in January last year, when Husa tried to convince its creditors to approve an agreement that proposed a discount of 95% on its €221 million debt. In exchange, the company committed to return €5 million over the next five years, thanks to the agreement with Park Street, and whereby ensure the continuity of the business that has maintained the group.

Joan Gaspart (pictured above) managed to obtain approval for the agreement from the group’s four main companies last summer; the others filed for liquidation. Over the last few months, they have been filing for bankruptcy, with a view to liquidating some of the other small companies, such as Husa Service Hostelería, which recently suspended its payments in Commercial Court number 3 in Barcelona.

Last summer, the agreement with the Treasury and Social Security, to whom Husa still owes €20 million, remained pending.

Although that matter has still not be resolved, the official of Commercial Court number 3 in Barcelona raised preliminary protective measures under which all of Husa’s companies would remain active.

In its heyday in 2007, the chain owned by the former President of FC Barcelona and the President of Tourism in Barcelona, managed around 200 assets, of which around 140 were hotels and the rest were restaurants. The chain currently operates twelve hotels in Spain and Belgium.

But not all of the business was lost. In recent years, prior to the creditors’ bankruptcy, the Gaspart family transferred some of the hotels that it operated, mainly those that worked the best, to another family company called Atiram, which is run by Joan Gaspart’s daughter, María Gaspart Bueno, as the sole director.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

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