Madrid-based infrastructure group Isolux Corsán has filed for protection from its creditors while it gathers funds to "reactivate operations".
The firm said the ruling would not affect its activities and would not have an impact on projects presently under way.
Isolux Corsán said it would not issue any annual accounts until negotiations regarding new financing were completed. The company’s management team has been negotiating this injection of funds with its main financing parties and shareholders since the end of last year.
In December, the first conversion of debt into capital was carried out as a result of the restructuring agreement entered into on July 2016, which was approved by the judicial authorities in October.
The banks and bondholders of the company then became holders of 94.67% of its share capital whereas the stake of the previous controlling shareholders was diluted to 5.43%.
The group is carrying out a divestment plan for all its concession assets, is looking for an investor for its engineering and construction business, and has restructured the company.
Isolux Corsán employs 5,236 workers in 35 countries and carries out projects in the areas of energy, transportation, building and water.
In recent years the company has won contracts in Saudi Arabia and India.
Image courtesy of Isolux Corsán
