Experience in Insolvency Proceedings
Experience in Insolvency Proceedings
Clients and success cases
Sniace: listed company:
- 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
- Our Role
- FTI & Partners appointed trustee by the CNMV
- 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%
Transhotel: Group with €400M turnover in the hospitality sector
- 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
- Result
- Competition currently under liquidation
- Sale of the production unit executed
- 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
Services of integral logistics at controlled temperature
- 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
- Our Role
- FTI &Partners were appointed Insolvency Practitioners
- 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%
Society of construction and promotion
- 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
- Our Role
- FTI &Partners were appointed Insolvency Practitioners
- 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%
Company ceramics sector
- 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
- Our Role
- FTI &Partners were appointed Insolvency Practitioners
- 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%