Cuatrecasas advises Guzmán Energía on court approval of first restructuring plan for renewable energy sector
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SubscribeCuatrecasas has advised Guzmán Energía on its debt restructuring and the subsequent court ratification of the approved plan. The company owns a solar thermal plant located in the province of Córdoba, 70% owned by the Plenium Partners fund and 30% by the Japanese Mitsui Renewable Energy Europe Group. This is the first corporate restructuring in the renewable energy sector implemented under the new insolvency legal framework.
This new legal framework has allowed the signing of an initially non-consensual plan that, following court approval, was implemented unanimously by all affected creditors. The implementation of the steps established in the plan (conditional rescheduling of the debt, exceeding €220 million) has allowed debt repayment to be aligned with the company's cash flow, which was affected by a halt in its activity caused by circumstances beyond its control.
Significant progress
The Guzmán Energía plant, located in the Córdoba town of Palma del Río and covering an area larger than 200 football fields, is a solar thermal facility for electricity production based on collectors that concentrate solar radiation. To alleviate the company's insolvency, the proposed restructuring modifies the debt repayment schedule, with the commitment to reduce it as long as there is surplus cash in the future.
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