Kirkland & Ellis advised the ad hoc committee of financial creditors of Spanish steelmaker Celsa Group on taking control of the Group via the first-ever Spanish restructuring plan. The plan was filed at one minute after midnight on the day the relevant legislation become effective. The transaction was fiercely contested by the Group and its existing family shareholders on multiple grounds.

The Barcelona Court approved the plan on 4 September, comprehensively dismissing nearly all points of opposition. The decision demonstrates it is possible for creditors to propose and execute a Spanish restructuring plan without the debtor’s consent. The transaction closed on 1 December. Ownership of Celsa Group has now been transferred to its financial creditors pursuant to the plan.

The team was led by restructuring partners Sean Lacey, Hannah Crawford, Kon Asimacopoulos and Sarah Ullathorne; debt finance partner Byron Nicol; antirust & competition partners Sally Evans and Sion Davies; and tax partner James Seddon, with restructuring associates Daniel Stathis, Krista Sirola and Jai Mudhar and debt finance associate Will Knapp.