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Sunday, May 26, 2024

Abencys guides Cricursa´s insolvency and its sale to TVitec

Restructuring and Insolvency law firm Abencys is successfully managing the insolvency process of Cricursa, which has finally been acquired by Leon-based company TVitec, and restructuring its debt

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The company was declared in insolvency in December 2021 after admitting a debt of €60 million, and from then until now has managed to maintain its activity not only thanks to the protection granted by the insolvency, but also to the cooperation of clients, suppliers and other agents involved. The company´s production unit has been sold to León-based TVitec.

In this regard, Luis Martín, partner at Abencys, who has been in charge of the insolvency administration of the Catalan company Cricursa, points out that “in order to achieve favourable results for the company immersed in insolvency proceedings, it is necessary to work in coordination with all the actors involved. This is one of the keys that differentiate successful insolvency from one that does not achieve the objectives initially established, focused on the survival of the business.”

In order to achieve the success of the insolvency proceedings, the cooperation of all the agents involved is necessary, from the insolvent company itself and its advisors to the creditors, the court handling the proceedings and the insolvency administration.
In this respect, it is also essential to have a professional, agile and efficient insolvency administration with sufficient means and experience to contribute to an optimal result.
“Insolvency proceedings can and should serve to restructure a company. It should not be understood as the liquidation and the end of the business, but rather as an attempt to preserve as much of the business fabric as possible,” Martín points out.

Cricursa thus joins the Leonese company to form a large group of experts in bent glass, retaining most of its workforce, as well as its activity.

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