Isolux Corsan hires Alvarez & Marsal to review situation, alternatives

By Caroline Salls

Pittsburgh, April 10 – Grupo Isolux Corsan, SA hired Alvarez & Marsal as part of its Spanish Insolvency Act proceedings to help the company analyze the situation and to study alternatives and possible scenarios in order to ensure the continuity of its engineering and construction business, according to a news release.

As previously reported, Isolux’s board of directors agreed on March 31 to file for proceedings under the Spanish Insolvency Act to give the company time to negotiate an injection of funds that will allow for the reactivation of operations.

The company said this legal alternative allows it to maintain its activity and develop ongoing projects and protects it legally for four months against creditors’ legal enforcements.

According to the release, Alvarez & Marsal will coordinate all stakeholders through the role of a chief restructuring officer. It will also support the management team through other interim positions in the areas of operations and finance.

Isolux Corsan operates in energy, construction and industrial services. The company filed for bankruptcy on July 29, 2016 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 16-12202.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.