Isolux Corsan Spanish and Dutch proceedings recognized by U.S. court

By Caroline Salls

Pittsburgh, Nov. 17 – Grupo Isolux Corsan, SA’s Spanish and Dutch foreign proceedings were recognized under an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The order also serves as an injunction in the United States against creditor enforcement actions.

As previously reported, Grupo Isolux Corsan Finance BV filed a suspension of payments proceeding in the Amsterdam District Court, Grupo Isolux Corsan SA and several of its Spanish units filed a petition for approval of a refinancing agreement in the Mercantile Court of Madrid, and Grupo Isolux Corsan Finance and the four Spanish companies filed Chapter 15 bankruptcy.

The company’s master restructuring agreement was approved by the Madrid Mercantile Court on Oct. 28.

Isolux Corsan operates in energy, construction and industrial services. The company filed for bankruptcy on July 29 under Chapter 15 case number 16-12202.

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