Sant Julià de Lòria to Absorb €6M Camprabassa Debt via Share Conversion

Sant Julià de Lòria's council is set to absorb an additional €6 million in debt from Camprabassa, the company operating Naturland park in La Rabassa. The move involves converting loans provided by the council since 2020 into shares, a step described by sources as essential to restore the company's negative net assets and comply with legal requirements under Andorra's companies law.

Camprabassa has faced persistent losses since opening in February 2008, with net assets below 50% of its share capital for over a decade. Similar debt-to-equity conversions occurred in 2015, worth just over €5.1 million, and in 2022, around €6.4 million. The operation has been approved at the company's board level but requires ratification by the council's plenary and Camprabassa's shareholders' assembly, where the council holds a majority stake alongside minor partners.

This financial restructuring aims to stabilise Camprabassa, enabling it to renegotiate short-term bank debt into more manageable payments. Sources indicate the company cannot meet current obligations with park revenues alone. In parallel, the council is pushing a revised viability plan after the 2022 strategy fell short, particularly amid 2024's tourism downturn. The 2025 financial year saw cuts in staff and merchandise costs, with 2024 marking the best results in 15 years despite missing targets.

Key to the plan is transforming the 1,600m elevation area in La Rabassa, originally levelled in the early 1990s for a shooting range during the Small States Games. The €2 million project, funded by landfill disposal fees from construction firms, will remove concrete paving and artificial elements while retaining attractions. Excess water from local streams and council reservoirs will form ponds and meanders, with native shrubs and trees planted using accelerated soil enrichment techniques. New features include a closed water circuit with a waterfall, a rocky zone for canyoning and speleology activities, and low-maintenance attractions like the Tobotronc. Architecture will use local wood and stone, avoiding glass and concrete structures.

Visitors will pay a daily entry fee for the renaturalised space and child activities, with separate tickets for rides. Camprabassa projects a 10-20% revenue increase from these changes, combined with cost controls, could make the park self-sustaining. Once finances are resolved, the company plans to seek private investment. Closing the park remains unviable due to repayment obligations, staff severance, and site restoration costs, sources say. The Desperta Lauredià majority, previously sceptical, views this as the least costly option. Public reaction to the council's added burden remains uncertain.