The process begins. Celsa’s creditor funds They announced that the request procedures have started investment permit by State and I became the owner of the steel company Rubiralta family. This step happens after confirmation. Commercial Court No. 2 of Barcelona between restructuring plan It is offered by creditor funds of the Celsa Group. The hot potato will now be on the table of the council of ministers, who will determine the terms of the operation.
Both the Government and the Generalitat, the creditor companies, definitive and binding commitmentss, ensuring the long-term survival of the company, the group’s decision-making in Spain and the preservation of employment and production capacities within the framework of the strategic nature of this sector, which has approximately 10,000 employees.
independent council
Likewise, the Government, creditors, establishment of an independent board of directors and an industrial partner This strengthens the management of the company. According to the statement, the funds expressed to the Government their “full commitment to the objective of clearing up and strengthening Celsa’s financial position, to maintaining its workforce and productive capacities in Spain and to other stated objectives.”
Creditors have also demonstrated their willingness to work with all concerned to ensure compliance with the objectives communicated by the Government, for which they have promoted transparent communication channels both with different levels of the Administration and with workers’ representatives.
The funds are already implementing some commitments received with the Government, such as applying for an investment permit in Spain or the appointment of a new manager. Rafael Villaseca, former chairman of Gas Natural, today Naturgy, serves as chairman of an independent board of directors. As for the remaining commitments, they say “they will be implemented as the process progresses.”
The court decision allows creditor funds to retain 100% of the ownership of the largest Catalan family company if Rubiralta owes more than 2.5 billion euros; This is more than what the judge thought the entire Celsa was worth. Approximately 10,000 people live in Spain and it has an annual turnover of around 6 billion Euros.