The legislation, introduced in September 2022, aims to facilitate the sale of business units and streamline often lengthy restructuring processes by essentially giving creditors more powers. One of its key innovations was the possibility for debt holders to unilaterally present a plan in court, without this implying an insolvency proceeding or the suspension of payments.
The transformative potential of the new legal framework had already been demonstrated, at a smaller scale, in the restructuring of Vigo-based frozen food retailer Xeldist Congelados last December. The court-sanctioned plan was critical in allowing the struggling company to receive fresh capital and save jobs.
Now, a larger case is going through court, with the commercial…
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