A group of creditors to the steel producer Celsa submitted a restructuring plan to the Barcelona courts this Monday. The plan, which would effectively place in motion a control shift toward the Rubiralta family, is backed by a broad share of the company’s debt—roughly 90 percent. The creditors’ statement, issued without naming the individual funds involved or the specific court, describes the proposal as a comprehensive remedy for Celsa’s finances. It proposes increasing the company’s indebtedness by converting a portion of convertible debt and by writing down or refinancing long-term obligations totaling 1,291 million euros. Under the plan, the creditors would retain a net exposure of about 1,560 million euros, with maturities extending beyond five years.
The creditors indicated that the capital injection would stabilize liquidity, preserve the company’s operational base in Spain, and safeguard employment for the broader group. Company insiders note that production remains steady, with approximately 5,000 direct jobs tied to seven plants in Spain and around 15,000 related roles in the supply chain. The plan’s public unveiling coincides with the law’s latest entry into force, which allows creditors to file restructuring documents with the courts without automatically triggering bankruptcy or a formal suspension of payments. According to Celsa representatives, negotiations with creditors remain open as the government’s June request for a rescue framework, led by State Industrial Holding Company (SEPI), continues to guide discussions.
Within the ongoing negotiations, some observers interpret the court filing as a pressure tactic by lenders. The creditors’ own remarks underscore ongoing tensions over the company’s direction, signaling that shareholders and managers may have prioritized the financial interests of the Rubiralta family and their control over the business over broader creditor and stakeholder needs. The statement frames this stance as a challenge to the long-term viability of Celsa and to the broader health of its supplier network.
Celsa’s most significant creditors include major mutual funds and large banks, among them Goldman Sachs and Deutsche Bank, which—through entities holding roughly 2.4 billion euros in debt—play a central role in the group’s leverage. The creditors argue that the plan would secure the company’s continuity over the long haul by reducing debt to levels they view as sustainable, presenting a private-equity-favored solution that does not depend on public financing or state concessions. In their view, the plan offers a private mechanism to address excessive leverage while avoiding any special burdens on taxpayers. Support from other interested parties is urged as the process moves forward toward a formal decision on the restructuring strategy.
Under the terms of the new bankruptcy framework, once creditors present a restructuring plan, a judge is expected to appoint independent experts to oversee and facilitate the negotiations between the company and its lenders. This step aims to ensure that the process remains orderly and that the interests of all stakeholders—employees, suppliers, and shareholders alike—are considered as the plan progresses toward a potential agreement.