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Monday, February 26, 2024

O&C advises EYSA on TECSIDEL production unit acquisition

Ortego & Cameno Abogados has advised EYSA, company specialised in delivering integrated mobility solutions for cities and citizens to improve their quality of life and helping to reduce traffic and pollution, on the acquisition of the Production Unit of TECSIDEL, as part of the Insolvency procedure

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TECSIDEL, who closed the 2019 financial year with sells of €34.8 million, has sold the Production Unit integrated by 135 employees in Spain and subsidiaries in India, México, Brasil, Argentina and Chile with more than 90 employees, in a transaction valued at €7.2 million, which makes it at one of the largest Pre-Pack deals ever closed in Spain.

This type of process is one of the latest methods that the commercial courts have begun to apply to resolve Insolvency proceedings and save companies in distress. It consists of negotiating the sale before taking the company to Insolvency proceedings and setting a price that can cover, as far as possible, the obligations to its creditors.

Carlos Cameno Antolín,partner at Ortego y Cameno Abogados, led the transaction, supported by Insolvency lawyer Pablo Fernández Sanz and Corporate lawyers Manuel Herrero Rodríguez and Manuel Sánchez Huerta.

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