Plásticos Técnicos de Barcelona obtains majority support for its viability plan with the supervision of PradaGayoso

The firm manages to resolve its future in less than seven months

PradaGayoso has acted as the bankruptcy administrator for the crisis of Plásticos Técnicos de Barcelona, overcome in record time by reaching an agreement with its creditors in little more than six months since it declared bankruptcy.

In May, Plásticos Técnicos de Barcelona SL started a voluntary restructuring process to overcome unexpected liquidity problems.

The meeting of creditors held on 12 December in Commercial Court number 8 of Barcelona approved the agreement proposed by the company, which declared bankruptcy proceedings on 31 May 2019.

The PradaGayoso team which has undertaken bankruptcy administration functions has been made up of business crisis specialists Félix Salgado, Georgina Porté and Francisco Prada.

Francisco Prada, the bankruptcy administrator, stresses the keys to success: ‘A business crisis is overcome if the business owner drives a plan forward, creditors believe in the project and the bankruptcy administrator does not stand in the way. The court’s agility was also a decisive factor in resolving the crisis so quickly. Our role is to join forces and provide our experience to reach the least cumbersome solution for all affected parties.’