SOIL AGUAS, in bankruptcy proceedings, sells its production unit to the LANTANIA Group during COVID-19

SOIL AGUAS (SOIL TRATAMIENTO DE AGUAS INDUSTRIALES, SL) is a company located in Seville dedicated to the development, execution, operation and maintenance of water treatment plants, serving important industrial and mining complexes such as the Cobre las Cruces mining operation, with income in 2019 for an amount of 11 million euros (approx.).

Despite the difficulties derived from the health crisis of COVID-19, with the essential involvement of the Titular Judge of the Court of Commercial Instance of Seville, Section 3, who authorized the days of confinement and issued the pertinent Authorization by way of urgency, LENER INSOLVENCY ADMINISTRATIONS, represented by Mr. Amalio Miralles, today formalized the sale of the insolvent company's production unit.

The acquirer LANTANIA AGUAS belongs to the LANTANIA Group, which is dedicated to the construction of major infrastructure, building, water and energy projects, as well as associated conservation and maintenance services.

In just 4 months from the declaration of the bankruptcy (December 23, 2019), after the Christmas period and in the midst of the health crisis, the operation that saves business continuity and the maintenance of 111 jobs, including its branch in Colombia, is successfully completed.

Amalio Miralles, of LENER INSOLVENCY ADMINISTRATIONS, highlights the importance of entering the bankruptcy proceedings with minimum resources sufficient to maintain the activity and with a well-defined strategy to address the solution to the insolvency situation. In this sense, defends the advantages of the transfers of productive units of companies in bankruptcy, since they allow to maintain the business activity, saving a good part of the jobs, thanks to the automatic subrogation of contracts with clients and suppliers, licenses or administrative authorizations. , without the transmission carrying the obligation to pay the credits not paid before it, except for debts with Social Security and with workers.

This purchase and sale operation of a productive unit, subscribed at the time of COVID-19, is one of the first of many that will take place from now on in the Commercial Courts and that Royal Decree-Law 16/2020, which enters into effective today, establishes that they must be processed preferentially.