Cuatrecasas advises Vicinay Marine Group on court-approved debt restructuring plan
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SubscribeFor more than two years, Cuatrecasas has advised the Vicinay Marine Group—global leader in designing, innovating, manufacturing and supplying mooring chains—on a complex debt restructuring process, securing the future of a company with more than 200 years of history and hundreds of employees. The advisory service culminated with the court approval of the group’s restructuring plan, a key milestone to guarantee its viability.
The ruling dismissed three challenges filed by the group’s creditors against the judicial approval of the plan and ordered them to bear legal costs. This fully validated the restructuring and also confirmed its viability, its compliance with the law, the corporate actions taken, and the strict fulfillment of all the requirements and majorities necessary for its legal protection.
The restructuring includes a significant financial boost, with the entry of a new industrial investor into Vicinay Marine’s share capital that will inject €60 million into the group. The Support Fund for the Solvency of Strategic Companies (FASEE), which is managed by Spain’s state-owned industrial holding company, SEPI, has agreed—through a decision approved by the Council of Ministers—to support this plan by changing the terms of the debt that Vicinay Marine owes to the fund.
Capacity, precision and innovation
From its beginnings to its current position as a global leader in the offshore sector, Vicinay Marine’s accumulated expertise in chain manufacturing now drives the most advanced mooring solutions on the market. The company has industrial facilities in Spain, Brazil and China, a technology center (Vicinay Marine Innovation), and a global sales network.
The multidisciplinary team advising on the transaction comprised lawyers Tomás Ugalde, Rosa Gual, Desiree Cazorla, Teresa Allende, Paula Mitjans and María Zubiaguirre (Insolvency and Special Situations); assisted by the secretary of the board of directors of Vicinay Marine, Joanes Labayen (Corporate); and Eduardo Pastor (Litigation).
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