The Spanish Judge Ana Maria Gallego issued an order today that declared the insolvency of Viajes Marsans but allows the current management “Posibilitum” to run the company. Travel Marsans is in need of heavy investment to suspend the old pile of payments because the company owes money to 21 different business groups.

These business groups include

-          H10
-          Avis
-          Mapa Tours
-          EuropCar

Gallego has accepted the applications of creditors who proposed the need for insolvency of Viajes Marsans, but she rejected the idea of removing the new administration managers. Currently, Viajes Marsans is capable of generating 162 million Euros as turnover and the company has 550 travel agencies, more or less.

The new receivers of the company (in this case, it’d be Posibilitum), are having a hard time tackling the huge amount of knowledge that is required to run this business. But Judge Gallego thinks that Posibilitum will manage the insolvency proceedings and produce a report on the current assets and liabilities of the company, with a list of all the creditors.

The Viajes Marsans creditors also include thousands of passengers, who lost their holidays and may claim the amounts owed by the company for a month.