RE
Insolvency and Restructuring
Energy and Utilities
ONTIER SPAIN

Elimination of Insolvency through an Agreement with Creditors



Problem

The business was dedicated to the exploitation of a biodiesel production plant, developing this project from square one. In 2009, the Company obtained a loan from a financial entity for a very significant amount. Afterwards the loan's repayment period and grace period were extended, but the economic crisis had the effect of upsetting the forecasts that had served the basis for the repayment of the loan, and further precluded the capacity of its continuation in the face of their current obligations.



Solution

Submission of application for a meeting of creditors, with the objective of halting the legal actions undertaken by various creditors and to reach agreements with those within the meeting that would allow the continuation of company activity, to obtain an extension for complying with the requirements for obtaining a subsidy, once the necessary support was obtained for the approval of the agreement.



Benefit

The release from and stay of debt as established in the agreement combined with obtaining the subsidy has allowed the biodiesel plant exploitation project to continue.

 

 

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