The Catalan steel group has nearly 500 employees in the Basque Country, divided between Nervacero, located in Trapagarán (Bizkaia), the main steelworks, and what remains of the old Laminaciones Arregui, in Álava.
The head of the commercial court number 2 of Barcelona has approved the restructuring plan proposed by Celsa’s creditors, giving the green light for the creditors’ funds to become shareholders of the company and replace the current owners, i.e. the family Rubiralta.
The Catalan steel group Celsa has nearly 500 employees in the Basque Country, divided between Nervacero, located in Trapagarán (Bizkaia), the main steelworks, and what remains of the old Laminaciones Arregui, in Álava.
In a verdict announced this Monday by the Supreme Court of Catalonia (TSJC), the magistrate approves the approval of the restructuring plan, provided that it complies with the legal requirements to be implemented, since in his opinion the amount of the debts exceed the value of the company.
The judge understands that the creditors’ proposal ensures the viability of the group and describes their plan as “the only viable medium-term alternative for the entire Celsa group”, while warning that they must “strictly” adhere to their obligations, including job preservation.
Source: EITB
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