The executive leadership and the board of directors at Celsa have approved a counteroffer aimed at stabilizing the company’s finances. The plan involves mobilizing up to 450 million in public funds and engaging a public fund manager to aid strategic businesses. Approval and the maturity of all creditor commitments are set to expire on June 30.
This development arrives as a moment of urgency driven by a period of constraint, with the company negotiating from a position of pressure. The counterproposal includes an additional 400 million, structured within a SEPI framework. The plan currently anticipates 450 million for immediate repayment and a further 662 million distributed over seven years, supplemented by a fixed sum and a variable component tied to operating results achieved between 2023 and 2030. In essence, the arrangement links the company’s strategic plan to the successful execution of its operational goals.
Any funds contributed by Celsa will be repaid in full after the SEPI benefits have been recovered. This implies an extra burden and sacrifice for other stakeholders within Grupo Celsa’s circularity and sustainability strategy, yet the company emphasizes that these measures do not compromise the recoverability of public aid. This stance is highlighted by the Rubiralta family, who have underscored the importance of a responsible financial path.
From the perspective of Deutsche Bank, Goldman Sachs, and senior executives across the industry, there has been widespread solidarity and support for Celsa. Unions such as UGT and CCOO, along with the regional business community represented by Foment del Treball, and government bodies at the autonomous and regional levels, have voiced concern about the future of thousands of jobs. While some lenders chose not to finance Grupo Celsa directly, they purchased the debt on the secondary market at substantial discounts, signaling the shift in leverage away from the so-called vulture funds. The goal expressed was to achieve an average annual return that is sustainable for the company and its workers, avoiding predatory financial practices.
The proposal received unanimous backing from Celsa’s board and its leadership, who described the measure as a crucial last effort to protect public subsidies tied to funds. The company asserts that the claims from funds exceed the proper use of public finance, and cannot form the basis for a speculative strategy that would harm the broader set of stakeholders connected to the business.
Earlier in the legal arena, Celsa had filed a pending lawsuit in Spanish courts in 2020, alleging that creditor fund claims violated economic public order and anti-usury laws. The current negotiations and the resulting plan are framed within this ongoing dispute, reflecting the broader tension between strategic industrial support and market-driven creditor demands.