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Monday, April 22, 2024

PradaGayoso helps Viña de Gaitanejos with its insolvency agreement

The Commercial Court number 5 of Madrid has approved the modification of the insolvency agreement of the company Viña de Gaitanejos, advised by PradaGayoso

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The change responds to the need to guarantee the viability of the company and the maintenance of jobs in a particularly adverse economic context, marked by the impact of the pandemic.

66% of the outstanding ordinary creditors have accepted the modification of the agreement, which implies a 97% write-off and a four-month waiting period.

Juan Valentín Gómez de Castro, administrator of Viña de Gaitanejos, stated that “the viability plan and the payment plan we have presented show that with the new agreement we will be able to continue to meet our commitments to our creditors, as we have been doing since 2013.”

PradaGayoso advised Viña de Gaitanejos with lawyer, economist and partner Javier Marquina, who considers that the solution reached is the most satisfactory for all parties concerned: “Given the current economic situation, a liquidation scenario would have entailed serious damage for the company, for the creditors and for the workers.”

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