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Isolux Corsán applies for bankruptcy proceedings

July 4, 2017

  • It affects seven companies with 1992 employees. 
  • Resigns board of directors and shareholders appoint new directors
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The Board of Directors of Isolux Corsán has agreed at its meeting this morning to apply for bankruptcy proceedings for the seven companies of the group that filed the communication foreseen under rule 5 bis of the Spanish Insolvency Act. The president and the six members of the Board of Directors of the engineering and construction group have submitted their resignation, in order to facilitate the administration of the company in this new stage.

The General Shareholders Meeting, held immediately after the Board of Directors meeting, has approved the appointment of new directors of Isolux Corsan: David Pastor, as president, David Vilella and the firm Fuster & Partners, legal entity that will be represented by Enrique Medina.

 The bankruptcy proceedings affect seven companies: Isolux Corsán Group, Corsán-Corviam Construcción, Isolux Ingeniería, GIC Concesiones, Isolux Corsán Servicios, Isolux Corsán Inmobiliaria and Isolux Energy Investments. These companies have a workforce of 1,992, of which 1,108 are based in Spain, including 160 expatriates, and 888 to other countries. These companies accumulate a debt with suppliers of 405 million. The total financial debt on balance sheet of the group (including those companies not included under rule 5 bis of the Spanish Insolvency Act) at the end of April was 1,270 million euros, of which 557 million are associated with project financing.

Since the Board of Directors of Isolux Corsán filed the communication foreseen under rule 5 bis of the Spanish Insolvency Act on March 31, the group management has been working on three lines: the design of a industrial viability plan, the search for an investor for the engineering and construction business (EPC) and the implementation of solutions to facilitate the continuity of most of the ongoing projects.

The management of the group, the main shareholders and advisors have prepared the restructuring process with the aim of maintaining as many jobs as possible, to limit the risks deriving from the guarantees in place and facilitating the continuity of the company through the projects that have so operative and financial viability. In this line, in the last days six offers of acquisition of diverse productive units have been received. Several of them propose the absorption not only of the direct personnel of the works, but also of an important number of workers of the corporate areas. It corresponds to the new directors, to the bankruptcy administrator and to the judge to value and, in its case, to approve the received offers that give continuity to the activity and to the works of the Board of Directors who today has concluded their task.

The company is up to date on the payroll and Social Security and Personal Income Tax (IRPF) obligations.

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