Sulayr Global Service and Nivaplast Reciclados achieve approval of their joint restructuring plan: Advisors

The Commercial Court number 1 of Granada has approved the first restructuring plan in the province, also of a joint nature, for the companies Sulayr Global Service and its subsidiary, Nivaplast Reciclados.

The approved plan contemplates, firstly, the restructuring of the existing long-term loans, by including a 24-month grace period on the principal and extending their maturity dates by the same period, as well as setting a maximum ceiling (cap) on the variable interest rates applicable to these financial instruments, and secondly, the maintenance of the existing guarantee lines for an additional period of 12 months, with the commitment to carry out up to 2 additional annual renewals under certain conditions.

The plan does not envisage any write-off of the outstanding principal due to the robustness of the approved restructuring plan, which carries its effects over to the creditors who did not vote in favour of the plan. The total perimeter of the plan amounts to EUR 14 million.

Without prejudice to its effectiveness and immediate enforceability, from the date of the aforementioned Approval Order, it can be confirmed that it has not been challenged by any of the dissenting creditors, so that the Restructuring Plan can now be considered firm.

In the specific case, the plan was supported by the three classes of creditors affected by Sulayr Global Service SL with majorities of between 82% and 100% of the liabilities included in each of them and, with regard to Nivaplast Reciclados SL, the plan was supported by two of the three classes with majorities of 100% and 77.17% respectively, there being only one dissenting class in which, however, 61.87% of the corresponding liabilities were voted in favour.

Legal Advisors

Ceca Magán acted as restructuring expert appointed by the commercial court and the team consisted of partners José Carlos González Vázquez and Santiago Torent López.

Ramón y Cajal Abogados team has advised the financial institutions with a team formed by partner Amado Giménez Bono, associate Alberto París and lawyer Saúl Dávila.

Serrano Bermúdez Abogados has advised both companies.