MADRID/LONDON, July 11 (Reuters) – Shareholders and creditors of Spain’s largest private industrial group, Celsa, have clashed over the company’s valuation as part of a longstanding debt-restructuring dispute, legal representatives for the two camps said on Tuesday.
The valuation of Celsa is key to the dispute as a low valuation could render equity worthless.
Celsa’s restructuring plan is the first big test of Spain’s new insolvency law which allows debtors to make use of pre-insolvency mechanisms early and benefit from court protection.
If the plan goes through, it may pave the way for other troubled firms to use the new process, helping cut bankruptcy rates that spiked after the pandemic.
Celsa’s creditors, including SVP, Attestor, An…
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