Saturday, 14 January 2012

Ciudad de la Luz film studios in trouble in Alicante

 

Another of the large projects in the Valencia region is in trouble as the company which runs the Ciudad de la Luz film studios in Alicante, Agua Amarga de Gestión S.L., has applied for bankruptcy protection. It comes as the regional government has failed to pay four million € as the promoter of the project. Mercantile Court 2 in Alicante accepted the application on December 16 2011. The centre has amassed a total debt of more than 190 million €, and now the Valencia Government wants to privatise the operation despite spending 160 million € on it. The project was an idea of Eduardo Zaplana, an ex Partido Popular President of the Valencia Government who thought it would compensate the city for the Terra Mítica park in Benidorm. The studios cover a 320,000 square metre site. El País reports that a new agreement between the regional government and the company could be round the corner. The company says that would need the payment of the debt. They note that in 2005 when the first productions were carried out at the facility, there were in that year 59 productions in total which brought an income of 174 million €, saw jobs for 4,757 workers and more than 3,000 contracts with other companies. It also gave rise to some 150,000 overnight hotel stays in Alicante.

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