After three years of legal wrangles, creditors including Strategic Value Partners, Deutsche Bank AG and Sculptor Capital Management will become the new owners of Spanish steelmaker Celsa Group.
Under an order by a Barcelona court, ownership of the company will transfer from the Rubiralta family to its lenders, who will write off €1.352 billion of debt. The plan will slash the company’s debt pile by about half, according to an emailed ruling.
The ruling is a big win for opportunistic funds looking to invest in the country, marking the largest restructuring so far to use a more creditor-friendly Spanish insolvency regime introduced last year. The group of creditors set to take over also include Anchorage Capital Group LLC, Attestor Capital, Cross Ocean Partners and GoldenTree Asset Management. They remain committed to maintaining the company’s operations in Spain and to safeguard jobs, according to their emailed statement.The debt-for-equity swap means Celsa won’t need to avail itself of €550 million of rescue funding the Spanish government had pledged once it reached a deal with creditors.
It also flagged gaps between cash flow, net sales volume and “green premium” metrics from the company and market consensus. “The financial outlook that have been the base for both reports are a formidable exercise of voluntarism, an exciting letter to the Three Wise Men certified with the varnish of PwC to make sure it reached its destination,” the judge wrote. “Its content vanishes when contrasted with the harsh rebuttals from reality.”©2023 Bloomberg L.P.
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