Back to square one

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NO SALE: The film studios remain costly and unused for the government.

THE sale of the Ciudad de la Luz film studios in Alicante has been declared void. The sale was stipulated by the European Union to recover debts, but the auction process ended without success.

There was only one proposal submitted to the auction, but the collateral and documentation proving the solvency of the North American consortium of partners was inconclusive for the Generalitat.

The government has expressed shock at the little interest shown in the sale, which they saw as an interesting one for investors. 

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The situation puts the Ciudad de la Luz back to square one, as the next step for the building could be bankruptcy and liquidation. 

Such a measure could force the government to sell the unused film studios without conditions about its future use and minimum purchase price, which the regional government wants to avoid.

It was first put up for sale for €94 million, which was then reduced to a €20 million minimum bid after no initial interest.

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