The Provincial Court of Alicante overturned the previous plan of the multinational, which is now reactivating the commercial route with the appointment of FTI & Partners Corporate Recovery Spain.
Vodafone has re-entered the battle for control of Finetwork. The multinational has succeeded in having the Commercial Section of the Court of First Instance of Alicante appoint FTI & Partners Corporate Recovery Spain as a restructuring expert to develop a new plan for Wewi Mobile, the parent company of the Elda-based operator. This order comes after the Provincial Court annulled the previous plan under which Vodafone had taken control of the company.
The request was submitted on May 14 by Vodafone España and Vodafone Ono, acting as creditors representing over 50% of Wewi Mobile's liabilities. The expert's objective is to assist the company and its creditors in negotiating and drafting a new restructuring plan. Vodafone had already announced the opening of negotiations in May 2025 and, according to the resolution, there is no record of it having requested creditor bankruptcy.
Pre-bankruptcy and lack of cooperation
While Vodafone advances through the commercial route, the reinstated board of Wewi Mobile has taken its own measures. According to sources from the governing body, the company has filed for pre-bankruptcy, a mechanism that opens a negotiation period with creditors and limits certain actions while a financial solution is sought. The board claims that this step aims to organise the process after regaining the company and analysing its real state following Vodafone's management.
The same sources assert that Vodafone has not cooperated during the transition. Until this week, the reinstated board had not been able to access all documentation or the facilities. They claim to have made progress with the handover of keys and the gradual recovery of information from the period when the multinational was in charge. Additionally, they have commissioned internal reviews to analyse payments made during that period amounting to around 14 million euros and new obligations with creditors. The board points out that some of the unpaid debts generated during that time are now being used by Vodafone to justify the company's financial situation in the restructuring process.
Cross-complaints in the criminal court
The battle is not limited to commercial courts. The original partners of Wewi Mobile have filed a complaint against Vodafone España, Vodafone Ono, and the CEO of Vodafone España, José Miguel García, for alleged crimes related to management during the multinational's control. The complaint has been admitted for processing by the Court of First Instance and Instruction number 1 of Elda and requests a bond of 300 million euros to guarantee potential financial liabilities.
Vodafone has counterattacked with another complaint against the founders and former managers of Wewi Mobile. Based on a forensic audit report, the multinational points to alleged crimes of disloyal administration, misappropriation, punishable insolvency, document forgery, procedural fraud, and corporate crimes. This complaint has not yet been admitted for processing.
For the reader interested in the case, the situation is complex. Both parties maintain open proceedings in commercial and criminal courts. The appointment of the expert does not imply an immediate outcome, but marks a new chapter in the struggle for control of Finetwork. The company, based in Elda, continues to operate while its corporate and financial future is determined. The coming months will be crucial to see if the new restructuring plan succeeds or if the criminal route ends up influencing the outcome.
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