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Saturday, January 28, 2023
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PradaGayoso manages the sale of Class Plastics’ PU to Taurus Group

PradaGayoso, as Class Plastics’ designated Insolvency administrator, has managed the sale of its production unit to Taurus Group, which will keep 56 of the 62 employees of the current staff

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The Taurus Group has been selected for the purchase of the Class Plastics production unit. The 9th Commercial Court of Barcelona has authorised the sale, considering that the offer of Taurus Group is the most advantageous of the two that the Insolvency administrator, PradaGayoso, had obtained.

Taurus Group, a company specialising in the manufacture of household appliances, will take over all the machinery, installations, equipment, contracts, and licences of Class Plastics and, in addition, will take over 56 of the 62 employees of the current workforce.

In order to preserve the viability of the bankrupt company and maximise the benefit for creditors, the process of selling the production unit has been marked by speed, a high degree of publicity, and the competition of two competitive bids.

The sale to the Taurus Group, which has already been formalised, has received the agreement of the workers’ representatives.

Class Plastics filed for Insolvency proceedings on 22 November 2021, although at no time has it ceased operations. Based in Martorelles (Barcelona), it is dedicated to the design and manufacture of plastic injection parts for the automotive, retail distribution, and healthcare sectors.

PradaGayoso’s team was led by lawyer and economist Francisco Prada (founding partner of the firm), along with associate Marta Pinillos, and economist Estela de la Viuda.

Francisco Prada highlighted the great interest that the process of selling the Class Plastics production unit has aroused among potential investors. “The fact that we have managed to obtain two purchase offers is the best guarantee that the interests of the creditors will be protected,” he said.

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