icon
icon
icon
icon
icon
icon
icon
icon
Close browser
icon
Go back to News
NEWS

GA_P advises creditors in the court approval of the Celsa restructuring plan

icon 6 September, 2023

Gómez-Acebo & Pombo has advised and assumed the legal representation of the creditors during the restructuring process of the steel group Celsa. Following the recent publication of the judgment issued by Commercial Court No. 2 of Barcelona, the court rejected the objections raised by the group’s shareholders and Kutxabank. As a result, it approved the Celsa restructuring plan.

Under the approved plan, the creditors will be able to capitalise €2.8 billion of the debt they hold in exchange for 100% of the share capital of the Celsa Group.

The matter is particularly significant. It is the first non-consensual restructuring process between creditors and debtor-shareholders to be successfully completed under the recently reformed Insolvency Law. Therefore, the Celsa restructuring plan is expected to set an important precedent for future restructuring processes in Spain.


The GA_P team that has advised and continues to advise on the process was formed by Miguel Lamo de Espinosa, Rodrigo López, Ferrán Foix, Antonio Ramírez, Álvaro Sáiz, Fernando Artiach, Cecilia Herreros, Ruth Ereño, José Antonio Gómez, Inés Puig, Julio Jiménez, Blanca Moreno, Zuriñe Sanz, Miguel Ángel Melero, Patricia Pérez, Carolina Orri, Irene Fernández Puyol, Juan Ignacio Romero, Miguel Troncoso and Mariana Díaz-Moro.

Lawyer mentioned

Miguel Lamo de Espinosa – Partner

Rodrigo López – Partner

See all lawyersicon
See less lawyersicon
Category

Deal

Press contact

Sandra Cuesta
Sandra Cuesta
Director of Business Development, Marketing and Communications
email scuesta@ga-p.com
Madrid
Sandra Cuesta
Sandra Cuesta
Director of Business Development, Marketing and Communications
email scuesta@ga-p.com
Madrid
icon
icon

More information about
Gómez-Acebo & Pombo

News icon Publications icon
icon
icon
icon
icon
PUBLICATION
New regime for giving international effect to judicial sales of ships
UN Convention on the International Effects of Judicial Sales of Ships establishes a mechanism to ensure that judicial sales of ships which confer clean title in the State Party in which they are conducted produce the same effect in other State Parties without bureaucratic obstacles that hinder trade in this sector.
icon ¡NEW!
icon icon
PUBLICATION
Shipowner and package travel organiser: on whether the limitations of liability under the Athens Convention apply
The matter at issue is whether the shipowner, which provides a passenger transport service as part of package travel organised and sold by a travel wholesaler or retailer, may invoke the limitations of liability specific to maritime transport against the tourist and against the organiser; but, above all, whether the organiser may also invoke them against its client.
icon ¡NEW!
icon icon
PUBLICATION
Simplification of sustainability reporting and standards for voluntary use by SMEs
Pursuant to Directive (EU) 2026/470 of 24 February (Omnibus I), the Commission has adopted a delegated regulation amending sustainability reporting standards (ESRS) and another that includes sustainability reporting standards for voluntary use by SMEs in the value chain of large undertakings that are subject to mandatory sustainability reporting. The amended European sustainability reporting standards will apply from the 2027 financial year, although large companies may choose to adopt them from the 2026 financial year.
icon 2 days ago
icon icon
PUBLICATION
Claim assignment and assignment of right to rescind underlying contract
There is no single answer to the question of whether or not the assignee of a claim has the power to rescind the underlying contract when the assigned debtor defaults. As a general rule, such rescission will not be possible for the assignee.
icon 6 days ago
icon icon
Competition Blog
Challenging and Enforcing Arbitration Awards in Portugal – GAR Know-How Guide
Desafiar e executar sentenças arbitrais em Portugal – Guia GAR Know-How
icon 6 days ago
icon icon
PUBLICATION
New EU regulation on the screening of foreign investments
Regulation (EU) 2026/1386 establishes a harmonised and mandatory framework for the screening of foreign investments in the Union and replaces the previous Regulation (EU) 2019/452. Among its most notable new features are the obligation for all Member States to have a national screening mechanism with harmonised minimum requirements; the inclusion within its scope of investments made by European subsidiaries controlled by third-country investors; the implementation of a two-stage national procedure; and the strengthening of the European cooperation mechanism through a risk-screening system and a more stringent “comply or explain” principle. Finally, the paper analyses the regulation’s impact on Spain, whose current review mechanism must be adapted in areas such as procedural structure, the review of completed transactions, sectoral expansion, and the penalty regime by 17 January 2028.
icon One week ago
icon icon
PUBLICATION
Are company directors directly liable for torts attributable to the company?
Debt from liability in tort for third-party damage or loss arises directly against the directors, without prejudice to the fact that, pursuant to Article 38 CC, it also arises simultaneously against the company, to which the non-contractual acts or omissions of its directors are also attributed. This is so true that the liable company (in debt, for example, with the tax authorities as the person liable for the surcharge and the tax penalty owed) may bring an action for contribution against its directors after settling the debt.
icon 08 Jul, 2026
icon icon
PUBLICATION
On the exclusion of “financial instruments” from consumer protection provisions for the purposes of applicable law
For the purposes of Article 6 of Rome I, the provisions of a contract defining the terms on which a professional receives or executes a CFD-related order are not covered by the exception provided for in Article 6(4)(d).
icon 03 Jul, 2026
icon icon
PUBLICATION
Omnibus VIII package to simplify environmental legislation: measures regarding industrial emissions and environmental impact assessments
The 8th Omnibus Package aims to simplify environmental legislation in order to reduce administrative burdens on businesses. This paper outlines the proposed measures and examines, in particular, the proposed amendments to the Industrial and Livestock Rearing Emissions Directive, as well as the proposal for a regulation on speeding-up environmental assessments.
icon 02 Jul, 2026
icon icon