Experience in Insolvency Proceedings

Experience in Insolvency Proceedings


Clients and success cases

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FTI-logo-Pulligan
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Sniace: listed company:

  1. Situation
    • Chemical and energy company based in Madrid with productive assets in Santander, Cantabria
    • Their activity is divided in five sectors: energy, chemical, lumber industry, textile, R D
    • With over 500 employees, Sniace has offices around the world. Commercial market is in Europe, Asia and America
  1. Our Role
    • FTI & Partners appointed trustee by the CNMV
  1. Result
    • Insolvency Proceedings currently in progress
    • Report of the Bankruptcy Administration duly presented in time
    • Minimum level of contestations below 0.5% (1.500 suppliers)
    • Probability of approval of the agreement greater than 90%
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Transhotel: Group with €400M turnover in the hospitality sector

  1. Situation
    • Global supplier of touristic services which exclusively distributes their products via travel agencies, with a portfolio of 60,000 hotels around the world
    • The financial crisis affected Transhotel twofold when their sales dropped and at the same time when they were not able to collect debts from bankrupt clients
    • After failed attempts in processes of investment research, the Company was forced into bankruptcy
  1. Result
    • Competition currently under liquidation
    • Sale of the production unit executed
  1. Our Role
    • FTI &Partners were in charge of the bankruptcy from their appointment as Practitioners
    • Implementation of the appropriate insolvency proceedings (Bankruptcy Administration report, Inventory of Insolvency Assets, Creditors’ List, Settlement Plan)
    • Structuring of the employees in reserve, including the reorganisation of the financial area in order to focus on a reduced structure according to the needs of financial/accounting information and management of the treasury for the insolvency proceedings period
    • Management of the treasury group to preserve the cash flow, including management of the client portfolio
    • Management of key elements: situation of the foreign subsidiaries, franchises, etc
    • Management of the sales process of the productive unit, as well as property owned by the party in insolvency proceedings
    • Proceedings currently opened and in process of approval of the settlement plan and of the sale of productive unit
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Services of integral logistics at controlled temperature

  1. Situation
    • Cefrusa is a company which provides warehousing services of “fresh” products in their cooled warehouses and “frozen” products in their warehouses of negative temperature
    • The current staff is formed of 110 workers and has offices distributed in Barcelona, Madrid and Zaragoza
  1. Our Role
    • FTI &Partners were appointed Insolvency Practitioners
  1. Result
    • Proceedings currently in situation of compliance of agreement since the 29th of June in 2015
    • Probability of approval of the agreement greater than 60%
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Society of construction and promotion

  1. Situation
    • The society has developed diverse promotions and management of property, maintaining an acquisition policy of rural and/or development lands for their subsequent requalification or reclassification, development, promotion, construction, sales and after-sales of the end product
    • The society has a debt pool superior to 30 million Euros and an asset superior to 45 million Euros
  1. Our Role
    • FTI &Partners were appointed Insolvency Practitioners
  1. Result
    • Proceedings currently in situation of compliance of agreement since the 25th of November in 2011
    • Probability of approval of the agreement greater than 85%
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Company ceramics sector

  1. Situation
    • The society, located in Castellón de la Plana, is currently a leading company in our country in the ceramic and tile sector
    • The society has 200 employees
  1. Our Role
    • FTI &Partners were appointed Insolvency Practitioners
  1. Result
    • Proceedings currently in situation of compliance of agreement since the 9th of April in 2015
    • Probability of approval of the agreement greater than 70%

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