Madrid court blocks extension of restructuring plan for two Mirto subsidiaries to banks
The Madrid Provincial Court upheld the challenge by Santander, BBVA, CaixaBank, Abanca and Ibercaja and ruled that the restructuring plan of two subsidiaries of Spanish textile firm Mirto will not extend its effects to the banks. The court instead dismissed the challenge against the plan of the parent company, Mirto Corporación Empresarial, which becomes final. The four homologated plans envisaged repaying 27 million euros without write-offs, with a four-year grace period. Management is now seeking new solutions, including a consensual plan with the banks.
In 40 seconds
- The Madrid Provincial Court upheld the challenge by Santander, BBVA, CaixaBank, Abanca and Ibercaja against the plans of two Mirto subsidiaries
- The court cites lack of viability: payments relied on capital contributions or a loan with no binding commitment
- The parent company's plan, Mirto Corporación Empresarial, is validated and final after Santander's challenge was dismissed
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IASummary generated by artificial intelligence from a story by Expansión. It may contain errors: the original source prevails.
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