Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: An example of the Spanish “restructuring law” - The Judgment of the Commercial Court No. 2 of Barcelona, dated September 4, 2023, approves the restructuring plan submitted by the main financial creditors of Grupo Celsa. This is the first court decision that approves a restructuring plan without prior agreement with the debtor companies and their shareholders, and in which the petitioning creditors capitalize part of their claims, totally excluding the shareholders from the share capital.  

Sommario: 1. Introducción. – 2. La posición de la sociedad deudora en la reestructuración preconcursal. – 3. La situación de insolvencia, viabilidad del plan de reestructuración y valoración de la empresa. – 4. Formación de clases y trato paritario entre acreedores. – 5. La ejecución del plan de reestructuración y su incidencia en el Derecho de sociedades.  

Keywords: Non-consensual plan, debt to equity swap, debtor´s consent, company valuation, equal treatment, corporate law.