In a press conference, Celsa Group’s president Rafael Villaseca announced that the company has made significant progress in its restructuring process and is now out of the ICU but still in the hospital following a court-approved plan last September. The restructuring allowed creditors to take control without the consent of partners, setting a precedent in Spain. Despite facing potential losses of 918 million euros due to past accounting issues, Celsa Group saw a net profit of 459 million euros at the end of 2023, thanks to the successful implementation of the restructuring plan.
The Commercial Court in Barcelona reduced Celsa Group’s debt by 1,418 million euros through the restructuring process, resulting in consolidated funds of 326 million euros and a consolidated annual profit of 459 million euros. The restructuring plan was approved by creditors such as Deutsche Bank, Attendor Capital, and Strategic Value Partners, who became shareholders of the company.
A year after the restructuring, new leadership was appointed to Celsa Group, with Villaseca becoming non-executive president and Cazorla taking on the role of CEO. Despite some concerns from unions about potential changes in ownership, Celsa Group remains focused on stabilizing its financial situation under its new executives and board members. The incorporation of independent directors and a financial director further demonstrates the company’s commitment to moving forward towards long-term viability and success in the steel production industry.
Celsa Group was founded in 1967 and operates in multiple countries with numerous facilities. As it navigates its post-restructuring phase, it continues to work towards stability and growth under its new leadership team.
