NK5, the Spanish firm specialized in investment and financial advisory services for restructurings and special situations, has advised IMASA Ingeniería y Proyectos, S.A. on the design, negotiation, and implementation of its financial restructuring plan, which was formally approved by the court on May 27.
IMASA, one of Spain’s leading engineering and construction companies headquartered in the Principality of Asturias, was among the many Spanish businesses whose operations were significantly affected by the COVID-19 crisis. The court approval marks the culmination of a process that had already secured the support of a majority of creditors and will enable IMASA to strengthen its financial structure, consolidate its business plan, and ensure the continuity of its operations in the years ahead. The milestone brings to an end the pre-insolvency situation faced by the company during 2025 and paves the way for a new phase focused on stability, operational efficiency, and sustainable growth.
NK5 supported IMASA throughout the financial negotiation process, working closely with creditors to achieve a consensual solution that would secure the company’s long-term viability. Key challenges included coordinating multiple stakeholders, building consensus among the financial institutions involved, and designing a sustainable financial structure capable of preserving the company’s industrial operations, employment base, and technical capabilities.
According to Manuel Roca de Togores, Founding Partner of NK5, the successful completion of the process allows IMASA to enter a new stage with a strengthened financial structure and greater capacity to execute its development plans.
“The approval of this restructuring plan represents a decisive step in ensuring IMASA’s financial stability and long-term viability. Our objective has been to support the Asturian industrial group in designing a balanced and sustainable solution that not only strengthens its financial position but also preserves the company’s value and operational capacity. Cases such as IMASA demonstrate that financial restructurings can reinforce companies with solid industrial projects and secure their future development.”
NK5 provided strategic and financial advisory services in a particularly challenging environment, helping to stabilize the company’s financial position and build a long-term solution aligned with its business plan. Álvaro Cid-Luna, Managing Director of NK5, added:
“This transaction highlights the importance of aligning the interests of the company, its creditors, and other stakeholders around a viable and realistic plan. Court approval of the restructuring plan provides IMASA with a solid financial foundation from which to execute its growth strategy over the coming years.”
IMASA has also amended the financial terms of the two loans granted by the Strategic Companies Solvency Support Fund (FASEE), in accordance with the provisions of its viability plan. The company therefore wishes to express its appreciation to the Spanish State Industrial Holding Company (SEPI) for its continued support. Following the approval of the restructuring plan, IMASA will focus on the orderly execution of its business plan, the consolidation of its core operations, and the development of new opportunities in its strategic markets.
José Ignacio Martínez, Chief Executive Officer of IMASA, stated:
“The approval of the restructuring plan marks a turning point for the company. It enables us to embark on a new phase with a strengthened financial structure focused on stability, operational efficiency, and sustainable growth. This agreement preserves our human, industrial, technical, and commercial capabilities and allows us to continue delivering our project portfolio with confidence. We would like to thank our employees and advisors for their support throughout this process, especially NK5 for its guidance, as well as our financial creditors, clients, and suppliers for the trust they have placed in us. Their support has been instrumental in achieving a balanced and viable solution. Going forward, our focus will be on executing our business plan, consolidating our core business activities, and continuing to develop opportunities in our strategic markets.”
About NK5
NK5 is a restructuring and special situations investment firm founded in 2015. The Spanish company advises and invests across multiple sectors, providing financial, operational, and real estate-related solutions. Today, NK5 employs 15 professionals and has built a strong track record in advising on and investing in complex capital and debt structures. Over the past decade, the firm has participated in more than 50 advisory and investment processes involving financially distressed companies. Among its most recent investments is the acquisition of Svenson, Spain’s leading hair clinic chain.
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