Cuatrecasas has advised Vicinay Marine Group, a global leader in the design, innovation, manufacture, and supply of mooring chains, for more than two years on a complex debt restructuring process that secures the continuity of a company with more than 200 years of history and hundreds of employees. The engagement culminated in the successful court sanction of the group's restructuring plan, marking a key milestone in ensuring its long-term viability.
The court's judgment dismissed the three objections filed by creditors against the court approval of the restructuring plan and ordered the objecting creditors to pay costs. The ruling not only fully validates the restructuring but also confirms the plan's viability, its compliance with applicable law, the validity of the corporate actions undertaken, and the meticulous fulfilment of all legal requirements and voting majorities necessary for its judicial protection.
The restructuring includes a significant strengthening of the group's financial position through the entry of a new industrial investor into Vicinay Marine's share capital, with a commitment to invest €60 million in the company. In addition, the Spanish Strategic Companies Solvency Support Fund (FASEE), managed by the Spanish State Industrial Holding Company (SEPI), has approved, by resolution of the Council of Ministers, its support for the restructuring plan by amending the financial arrangements currently in place with Vicinay Marine.
Expertise, Precision and Innovation
From its origins to its current position as a global leader in the offshore industry, Vicinay Marine's extensive expertise in chain manufacturing continues to drive the development of some of the most advanced mooring solutions on the market. The company operates industrial facilities in Spain, Brazil, and China, has its own technology centre (Vicinay Marine Innovation), and maintains a commercial network spanning the globe.
The multidisciplinary Cuatrecasas team advising on the transaction was composed of Tomás Ugalde, Rosa Gual, Desiree Cazorla, Teresa Allende, Paula Mitjans, and María Zubiaguirre from the Restructuring, Insolvency and Special Situations practice. They were supported by Joanes Labayen from the Corporate practice, who also serves as Secretary to Vicinay Marine's Board of Directors, and Eduardo Pastor from the Litigation practice.
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