Executive board and board of directors Celsa approves a counteroffer sent to the company’s creditor funds to get off the ground 450 million ransom hired public fund manager SEPI to help strategic companies. Required to receive this support approval and maturity of all creditors expires on 30 June.
This movement is produced “before the immobility of the person”. vulture funds in a negotiating position”. The company offers additional 400 million It is broken down into the SEPI plan (currently 450 million for immediate repayment and another 662 million for 7 years), a fixed amount and a variable determined by the operating result achieved between 2023 and 2030. In short, it connects them. development of the strategic plan and the success of the company.
These amounts contributed by Celsa will, in all cases, be paid after the full SEPI benefit has been repaid. Therefore, although they imply an additional effort and sacrifice of all other interest groups within the framework of Grupo Celsa’s strategy of circularity and sustainability, they do not harm the recoverability of public aids”, emphasizes by the Rubiralta family.
stance Deutsche Bank, Goldman Sachs, Senior Vice President and Cross Oceanlaunched a wave of solidarity and support for Celsa from unions UGT Y CCOOThe Catalan employers’ association Foment del Treball and the Business Department Autonomous governments as well as the Generalitat Cantabria, Euskadi and Galicia in defense “The future of 30,000 jobs”, It did not finance Grupo Celsa, but instead bought its debt on the secondary market at huge discounts of up to 90% and remained at the expense of these “vulture funds” they were aiming for with the offer. Get an average annual usurer return of close to 80%”condemns the company.
This proposal received unanimous support from Celsa’s board and board of directors, who recognized this additional increase as “the last effort to save the boycott of public subsidies with funds.” From the company, the claims of the funds “transcend the limits of proper use of public finance It cannot be used as the basis for a speculative strategy specific to hedge funds, at the expense of irreparable harm to the entire company’s interest groups and stakeholders.
Celsa had already denounced in an pending lawsuit filed in Spanish courts in 2020 that the claims of creditor funds violated economic public order and anti-usury law.