Isolux Corsan entities file court proceedings related to restructuring

By Caroline Salls

Pittsburgh, Aug. 2 – 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 in the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company entered into a restructuring agreement with the overwhelming support of its financial creditors.

Grupo Isolux Corsan Finance is the issuer of €850 million of unsecured notes due 2021.

On July 28, the Dutch court issued a preliminary suspension of payments order that imposes a moratorium and appoints an administrator to work with the company’s board during the proceeding.

Grupo Isolux Corsan, SA is a guarantor of the unsecured notes.

The Chapter 15 debtors asked the court to impose a stay of all actions against the Spanish companies’ assets.

The company is represented by De Brauw Blackstone Westbroek in the Dutch suspension of payments proceeding, Uria Menendez in the Spanish proceeding, and Shearman & Sterling LLP in the Chapter 15 cases. The company retained Houlihan Lokey and Rothschild as its financial adviser.

Isolux Corsan operates in energy, construction and industrial services. It is based in Madrid, Spain. The Chapter 15 case number is 16-12202.

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