CELSA’s creditors submit restructuring plan to court take control of company

Wednesday, 28 September 2022 17:31:01 (GMT+3)   |   Istanbul

The creditors of Spain-based long steel producer CELSA Group, led by Goldman Sachs and Deutsche Bank, have submitted a restructuring plan to courts in Barcelona, according to media reports.

The restructuring plan is aimed at providing a comprehensive solution to CELSA’s financial situation, reducing the company’s debt by €1.29 billion, and extending the maturity of the rest of the debt, which is €1.56 billion, to five years. If the plan is implemented, the creditors will take control of the company. The given restructuring plan proposal will not take into account the Spanish state holding company Sociedad Estatal de Participaciones Industriales’ fund worth €550 million, which was approved in June with the condition of an agreement on the debt of the distressed steel company CELSA.

Now the creditors are expecting the judge to appoint an expert to ensure the continuation of their negotiations with the company.

Similar articles

European HRC mills keep offers stable, mood upbeat as bullishness mounts in import segment

08 Dec | Flats and Slab

HRC prices stop decreasing in EU, import offers on the rise

01 Dec | Flats and Slab

European commercial vehicle registrations down 16.8 percent in Jan-Oct

25 Nov | Steel News

Spanish government awards €17.1 million to ArcelorMittal for emissions compensation

24 Nov | Steel News

European HRC prices seem to have bottomed out, but significant rise still doubtful

23 Nov | Flats and Slab

New car registrations in EU down 8.1 percent in January-October

22 Nov | Steel News

Asian HRC suppliers keep cutting prices sharply in Europe, local market seeks clearer direction

17 Nov | Flats and Slab

Spain’s CELSA recycles 7.01 million mt of scrap in 2021

11 Nov | Steel News

Tradable local and import HRC prices in EU fall further amid slow demand

10 Nov | Flats and Slab

Mood still poor in EU domestic and import HRC market

04 Nov | Flats and Slab