The Commercial Court number 2 of Barcelona has approved the restructuring plan of the steel company Celsa presented by its creditors, allowing them to take control of the largest private industrial group in Spain, according to a ruling made public on Monday.
Shareholders and creditors had clashed over the company’s valuation in a long-running dispute over debt restructuring, legal representatives from both sides said in July.
In the resolution, the magistrate agrees to its approval “understanding that it meets all the legal requirements given that the amount of the debt is much higher than the value of the company and that, with the creditors’ proposal, the viability of Grupo Celsa is ensured “.
The plan, which according to the TSJC has already been approved, “provides for the capitalization of a significant part of the debt”, so that the creditors’ investment funds become shareholders.
The ruling recognizes the creditors’ power to implement the plan and considers it “the only viable alternative in the medium term for the entire Celsa Group.”
It also warns them that “they must strictly comply with their commitments, preserving and increasing the value of the company, maintaining its integrity, preserving jobs, and this without altering the strategic decision centers that are so relevant to the economy as a whole.” “.
