Celsa’s Creditors Agree Takeover Terms With Spain
- Creditors apply to take control, process may take 3 months
- Agreement on avoiding layoffs and plan for sale of 20% stake
The agreement follows a decision a month ago by a commercial court in Barcelona to approve the creditors’ plan to take over the company from the Rubiralta family.
Photographer: Simon Dawson/Bloomberg
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The Spanish government and the creditors of Celsa Group have agreed conditions for the takeover of the steelmaker, according to people familiar with the matter.
Creditors including Strategic Value Partners and Sculptor Capital Management will file a foreign direct investment application this week to take effective control of the company, said the people, asking not to be identified discussing private information. The process could take up to three months to complete, they said.