Isolux Corsan, a global Spanish concessions, energy, construction and industrial services company, is restructuring more than $2.2 billion in debt with an international group of lenders represented by Jones Day.
Isolux Corsan and its shareholders signed a master restructuring agreement earlier this month that includes a debt and ownership restructuring, and the injection of nearly $221 million to continue operations. The agreement includes standstill and lock-up commitments by the financial creditors. With the approval of a majority of the lenders, the company will request the formal implementation of the agreement in court in Spain in order to extend the same conditions to all creditors.
