La Seda de Barcelona
Pan-European debt restructuring and landmark English scheme of arrangement
BM&T acted as restructuring advisor to La Seda de Barcelona, a €1.4 billion revenue-listed chemicals business facing insolvency across multiple European jurisdictions.
In breach of covenant on a €600 million syndicated loan involving 54 lenders, and with €200 million in overdue trade creditors, the business was under extreme pressure.
BM&T stabilised cash flow, implemented rigorous liquidity controls, and avoided premature insolvency filings in nine countries.
Over 12 months, we helped negotiate a €350 million debt-for-equity swap, extend bilateral loans, and secure €150 million in new capital - all conditional on realigning creditor positions. The restructuring was anchored by a pioneering English scheme of arrangement, marking the first time a Spanish company used the mechanism to bind dissenting lenders.
La Seda emerged restructured, refinanced, and relisted - a European precedent for cross-border restructuring execution.
Stay informed with expert perspectives and the latest industry insights.
From turnaround strategies to financial restructuring trends, our resources help businesses navigate complexity with confidence.
