The Sociedad Estatal de Participaciones Industriales (SEPI) has given its preliminary approval to Celsa’s rescue package for €550 million. The rescue, requested in mid-2020, will be carried out through the fund to support the solvency of strategic companies. SEPI concluded on 15 March the analysis of the FASEE application by Celsa, which accepted the terms and conditions set by FASEE for the granting of the aid.
The creditors that bought Celsa’s debt are Sculptor, CVC, SVP, Goldman Sachs, Golden Tree, Cross Ocean, JP Morgan, Attestor and Deutsche Bank. Thus, the company based in Castellbisbal (Barcelona) will foreseeably receive the €550 million through a participating loan of about €280 million and another ordinary loan of €270 million.
Before the final green light is given to the rescue, Celsa’s creditors will now have to decide on the financing granted by the state fund and, if necessary, accept the terms of the operation. As the participative loan exceeds €250 million euros, the aid requires validation by the European Commission.
Ramón y Cajal Abogados advised with a team led by Commercial/Financial Regulation partner Cristina Vidal, together with Commercial partner Alfonso Cárcamo and Finance partner Javier Menchén Calvo, and lawyers María Heredero Vidal and David Díaz Villar.