The new restructuring plans: a real paradigm shift

Marta Sagalá, Senior Restructuring Associate at RocaJunyent, analyses this amendment in this article in the Expansión newspaper, which has transformed the ability of creditors to secure their claims, allowing them to influence the restructuring of companies, as happened with Celsa, where its creditors managed to impose a restructuring plan, whereby they took control of the company's capital. 

The amendment also allows creditors to be grouped together, even if some vote against, as long as certain classes with certain types of claims are in favour. This makes it possible for the plan to be approved by the judge immediately, affecting creditors as well as the debtor and its partners, even if the decision is not final.

This new dynamic challenges the traditional power relationship between debtors and creditors, giving the latter a more active role in the restructuring. The court's judgment highlights this paradigm shift and warns companies in insolvency about the importance of acting promptly to avoid losing control of the company.

In short, this new legal reality underlines the need for companies, especially family businesses, to be proactive in the face of insolvency, otherwise they may face the loss of their property.

Access to the full article (available in Spanish)