Ikatz: Court Approves Sale Amid Insolvency Proceedings
Deal News | Apr 01, 2025 | Iberian Lawyer
The Commercial Court of Vitoria-Gasteiz has approved the sale of Ikatz's production unit to Creative Picture Partners (CPP) as part of ongoing insolvency proceedings. Initially declared insolvent on April 22, 2024, Ikatz sees the transfer of 50 internally operated Fotoprix stores and retains 36 franchised outlets with this transaction. ECIJA acted as the Insolvency Administrator through its Basque Country office, orchestrating the sale and leading the process. Key personnel included Luis Felipe Fernndez de Trocniz, partner at ECIJA, alongside lawyers Aintzane Rubio and Jorge Gorostegui. The deal not only salvages a portion of Ikatz’s business operations but also safeguards a considerable number of jobs.
Sectors
- Legal Services
- Retail and Consumer Services
- Corporate Finance
Geography
- Spain – The events take place in Vitoria-Gasteiz, Spain, where the court and ECIJA's operations are based, directly influencing the territorial legal and business norms.
- Basque Country – ECIJA's office involvement in the Basque Country signifies the regional execution of insolvency proceedings and judicial sale approval.
Industry
- Legal Services – ECIJA's role as Insolvency Administrator highlights the involvement of legal services in managing and facilitating corporate insolvency proceedings.
- Retail and Consumer Services – Ikatz, operating under the Fotoprix brand, was involved in retail, particularly focusing on photo services with numerous outlets, classifying it under retail and consumer services.
- Corporate Finance – The sale of Ikatz's production unit as part of insolvency proceedings indicates the strategic financial restructuring, which falls under corporate finance activities.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ikatz (Fotoprix) | Target Company | Company | Declared insolvent in April 2024, Ikatz operated under the Fotoprix brand with a portfolio of retail outlets in Spain. |
| Creative Picture Partners (CPP) | Bidding Company | Company | Acquired the production unit of Ikatz, including direct and franchised Fotoprix shops. |
| ECIJA | Insolvency Administrator | Legal Firm | Managed the sale proceedings and insolvency process for Ikatz, based in the Basque Country. |
| Commercial Court of Vitoria-Gasteiz | Court | Government | Authorized the sale of Ikatz's assets within the insolvency proceedings framework. |
| Luis Felipe Fernndez de Trocniz | Lead Project Partner | Person | Partner at ECIJA who led the insolvency and sale process. |
| Aintzane Rubio | Insolvency Lawyer | Person | Participated in the judicial and administrative management of Ikatz's insolvency case. |
| Jorge Gorostegui | Insolvency Lawyer | Person | Also involved in overseeing the insolvency proceedings of Ikatz. |