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Clifford Chance

Clifford Chance


How the Celsa Spanish case affects the restructuring market

2 October 2023

In recent weeks, there has been much discussion on the judgment handed down on 4 September 2023, by Commercial Court No. 2 in Barcelona, which resolved the judicial approval of the Celsa Group companies' debt (the "Judgment"). The Judgment's main message is clear: creditors can move forward a restructuring plan – against the will of the debtor and its shareholders – and, in effect, take control of the capital.

Beyond the big headline, this Client Briefing addresses the challenges and opportunities that the Judgment generates for shareholders and creditors

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