Spanish automotive components supplier Antolin has reached agreements with banking entities to refinance more than 80 percent of its financial debt, while facing a lawsuit from some bondholders.
The Burgos-based company has added the European Investment Bank and the Instituto de Crédito Oficial to the creditor syndicate, alongside Banco Santander, BBVA, CaixaBank, Banco Sabadell, Bankinter and HSBC. These entities now represent more than 80 percent of the financial creditors.
The aim is to reorganize the capital structure to ensure future viability. Execution of the agreements requires judicial approval in Spain and the United States, where Antolin has requested inclusion under Chapter 15 of the US Bankruptcy Code.
Separately, a group of bondholders led by Benefit Street Partners has filed a lawsuit in the London High Court against Antolin and Irish companies linked to Spire Asset Management. The plaintiffs argue that the plan favors bank debt over bonds and question the controlling family's ability to retain control without additional capital contribution.
