Cuatrecasas advises one of main creditors in successful challenge to ASSA's restructuring plan before Barcelona Provincial Court
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SubscribeCuatrecasas has advised one of the main creditors of Aceites de Semillas, S.A. (ASSA) on challenging the court order approving the restructuring plan promoted by the debtor, which was upheld by the judgment of February 2, 2026, issued by the 15th section of the Provincial Court of Barcelona.
The decision sets a significant precedent regarding restructuring plans, especially in the following key points:
- Defective delimitation of the scope of impact: the classes that receive 100% immediately after the plan's approval becomes final are not truly affected. The Court concluded that if a creditor fully recovers a debt without any reduction or deferral, they cannot be considered "affected" by the plan under Article 616 of the Spanish Insolvency Act. Therefore, these debts cannot constitute voting classes or be considered when forming majorities.
- Defective class formation (1): It is not possible to group principal and interest in the same class. The decision reiterates that ordinary and subordinated credits, as interest, do not share the same insolvency priority. Grouping them in the same class violates the principle of common interest established in Article 623 of the Insolvency Act.
- Defective class formation (2): A debt arising from the subrogation of a private entity that has advanced the payment of fees or taxes to the Administration cannot be considered a public debt. The Court concludes that the potential subrogation of a private third party that has advanced the payment of fees or taxes does not alter the nature of the debt nor automatically transfer the public privilege to the new creditor; it is, therefore, an ordinary, not a privileged, debt, which has a direct impact on the validity of the plan's approval under Article 639.1 of the Insolvency Act.
- Serious deficiencies in the communication of the plan and in the economic and financial information it contained: The proposed plan was not communicated to creditors so they could effectively participate in the voting process; instead, the plan was already approved and notarized, which violates Article 627 of the Insolvency Act. The Court also considers that the economic and financial information of the plan suffered from significant shortcomings and inaccuracies that prevented creditors from adequately understanding the plan.
The advisory team was made up of lawyers Javier Sánchez, Roma Bastús, Arnau Riera, and Josep Clotet, from the Restructuring Practice.
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