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🇪🇸 Spain /Economy & Trade

Casa Santiveri refinances bank debt and avoids insolvency proceedings

From La Vanguardia · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Documents & data Approved/passed
  • Casa Santiveri has obtained court approval for a restructuring plan covering more than €11 million in financial debt, avoiding insolvency proceedings.
  • The plan includes repayment extensions, mostly over five years, but no debt write-off, and does not cover public-sector loans.
  • The company’s viability plan projects growth from 2026 to 2031, while an alternative plan could involve closing its factory and outsourcing production.

Casa Santiveri has avoided insolvency proceedings by refinancing its bank debt through a court-approved restructuring plan. The historic Catalan company, which specializes in dietetic and nutritional products, has more than €11 million in financial liabilities.

According to an order published in the Public Insolvency Register, the plan does not write off any debt. Instead, it grants repayment extensions, mostly over a five-year horizon. The refinancing does not cover any loans the company may hold with public institutions such as CDTI or ICF.

The Barcelona Commercial Court approved the plan on a non-consensual basis. That means most creditors did not support it, but one class of liabilities had enough backing to bind the others. The court cited insufficient recurring profitability, historically volatile results, the fixed costs of the production plant in Barcelona’s Zona Franca, the complexity of the industrial model and the concentration of debt maturities.

insufficient recurring profitability and the historical volatility of results, the weight of the fixed costs of the Zona Franca production plant, the complexity of the industrial model as well as the concentration of debt maturities

· Florencio MolinaThe judge cited these factors in the court order explaining the restructuring.

The restructuring is intended to give the family-owned company, which has operated in the dietetic and natural-products market for more than 140 years, room to recover. Casa Santiveri reported €38 million in revenue and a €190,000 profit in 2024. It employs 275 people at its Barcelona factory and in stores across Spain.

Judge Florencio Molina said the company could meet the plan’s payments because it had prepared a viability plan for 2026 to 2031, based on sustained growth and gradually improving profitability. An independent expert called that scenario demanding because it assumes a performance that contrasts with the company’s historical volatility. Casa Santiveri expects to seek additional financing. If its targets are not met, the alternative “Project Rubicon” could close the factory, outsource manufacturing and reduce the product range. The company does not foresee immediate effects on staff.

demanding, as it assumes sustained growth and a progressive improvement in the profitability margin that contrasts with the company’s historical volatility

· Independent restructuring expertThe expert assessed the assumptions behind Casa Santiveri’s viability plan.
About this summary

Originally published by La Vanguardia in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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