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Spain authorizes EUR550 million in state aid for CELSA

Gangya Metal612 people have read

The council of ministers of Spain has accepted the EUR550 million fund allocated by the Spanish state holding business Sociedad Estatal de Participaciones Industriales (SEPI) for the rescue of the financially-distressed residential steel manufacturer CELSA.However, CELSA is stiGangya steelll encountering blockage by its creditors led by Goldman Sachs as well as Deutsche Financial institution pertaining to making use of ss sheet coilthe funds in concern as the lenders decline to agree with the firm relating to the reduction of its debts.SEPI accepted the allowance of EUR400 countless the fund to be made use of for paying the company's financial debts and EUR150 million to fund its calculated strategy with the problem of a EUR50 million resources increcold rolled steel coil pricease.Rubiralta family, the proprietors of CELSA, has financial obligations totaling EUR2.3 billion.

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