Isolux Creditors Agree $2.2 Billion Debt-Restructuring Deal

Grupo Isolux Corsan SA won creditor approval for a 2 billion-euro ($2.2 billion) debt-restructuring plan, paving the way for a Spanish court to authorize the program.

The engineering company received backing from almost 90 percent of creditors and it intends to ask the court to impose the plan on other bondholders, according to a statement on Thursday. Under the proposal, 1.4 billion euros of debt will be turned into convertible instruments, giving creditors 95 percent of the restructured company. Existing shareholders will retain 5 percent.