The landing of the investment funds in Celsa is upsetting FTI, the American consulting firm that the new owners have appointed to fully understand the economic and financial reality of the large steel group.
Knowledgeable sources assure this newspaper that the firm is carrying out different assignments for the new shareholders – Deutsche Bank, SPV Global, Sculptor Investment or Anchorage Capital, among others – who this month took effective control of the business when a ruling was carried out authorizes the conversion of debt into shares, causing the departure of the Rubiralta family.
These sources indicate that FTI is finalizing an audit of the accounts for the 2023 financial year, where the results and, if any, possible irregularities between group and family companies will be collected. “Shareholders have not had access to information during the time of the dispute. They could only see the documents from the Commercial Registry, but no internal data. Now work is being done to digest and organize the reality of the company,” they say. FTI declines to comment. The consulting firm, which plans to close the audit in the first quarter, is also outlining the 2024 budget and finalizing the composition of the board of directors. On January 15, Jordi Cazorla will be appointed CEO, while the presidency is already occupied by Rafael Villaseca.
In parallel, Judge Álvaro Lobato, head of commercial court number 2 of Barcelona, has ordered this week to suspend some clauses that affect the management team for 18 months. As Expansión reported, several positions agreed in December 2022 – when the restructuring process had already begun – to be compensated in the event that the group's ownership changed hands. “The amounts were out of the market, they were between 600,000 euros and 1 million euros,” they say. According to the order to which this newspaper has had access, the suspension period of 18 months has been set to ensure the consolidation of the new industrial project.
In addition, the funds are working on searching for a local partner to take 20% of the capital, as agreed with the Government when acquiring a strategic company for the country. Among its commitments is also to maintain the decision center in Catalonia, the business unit, as well as the workforce, made up of 10,000 employees. The ruling authorizing the takeover pointed in the same direction. However, the ruling does not establish a formal obligation. It only sets recommendations for the sake of a peaceful transition. Therefore, if market conditions change, the new ownership would have no legal impediments to selling parts of the business or cutting jobs. Sources consulted add that in a volatile sector such as raw materials, the value of Celsa has fallen this year when compared to the previous year.
