The debt restructuring of the tourism and restaurant group serhs enters a new episode with the appointment of an independent expert. After months of talks between the company and banks, with no signs of reaching an agreement, the firm NK5 – specialized in resolving restructuring and refinancing – has been appointed arbitrator at the request of the financial entities. The Catalan company has a liability of around 110 million euros, between private loans and debt contracted with the State after being rescued by the Sepi Strategic Companies Solvency Support Fund (Fasee).
Although the organization did not respond to elEconomista.es’ requests, market sources explain that the incorporation of NK5 occurs to try to advise a process that is progressing with difficulties due to the distant positions between both parties. To do this, the Bagó family conglomerate hired Deloitte as an advisor and the credit institutions work hand in hand with EY.
In total, the accumulated liability with the credit institutions is around 85 million euros, a figure similar to what it had in the last refinancing, but to which we must add the 37 million from the Fund to Support the Solvency of Strategic Companies from Sepi (Fasee) and the Reindus public program.
The banking pool is led by CaixaBank, which is close to 20 million. In a second ranking are Banco Santander (14 million), Banc Sabadell (12 million), the Institut Català de Finances (10 million), the Brazilian Banco Safra and the Alhambra SME vehicle of the Be Spoke Capital fund (10 million).
These are the entities that will lead the extension of loans that, although most expire in 2028, are already on the table. The company will especially seek better conditions, since the last refinancing was signed in fiscal year 2021, at a very difficult time for its financial health. In 2018 he also had to negotiate another refinancing.
The difference now is that Serhs received 34 million in 2021 from Sepi to deal with the blow caused by the coronavirus. The amount was divided between 17.34 million in a participatory loan and another 16.66 million in another ordinary credit; usual formula used by the public company fund.
The auditor warns
In the latest consolidated accounts, in 2022, the auditor warned of a negative equity of 25.06 million euros that “may raise doubts about the group’s capacity.” Serhs has already taken measures to try to turn the situation around and beyond refinancing made changes in the relationship with some suppliers, such as Damm. Consolidated accounts for 2023 not yet available
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