Losanthe second logging group in Spain, awaits this Friday the judge’s approval of its approval plan that will save it from bankruptcy proceedings. The company, which was rescued by SEPI during the pandemic, closed weeks ago ‘in extremis’ the restructuring of its debt of more than 200 million euros and finally convinced the public holding company and the banks after months of negotiation.
It did so under a viability plan that predicts a recovery of the business until 2031, which will place the company with sales of 300 million. and a gross operating result (ebitda) of approximately 24 million, according to the documentation consulted by elEconomista.es.
In this roadmap, in which eight different plans have been prepared for the companies of Losán (corresponding to the companies Losan SAU, Pina SA, Tableros Losan, Campantes Losan, Cometa, Aserpal, Chanel Venners and Losan Solid Wood), the Galician company has reached agreements with the majority of its creditors (Abanca, BBVA, Banco Santander and CaixaBank, among others), with the exception of some who have voted against, such as the Basque construction company Fernández de Nograro.
The company projects a recovery in sales in most of its divisions, such as Losan Boards, the one with the highest turnover. ANDThis subsidiary, according to the plan supervised by FTI, expects to grow up to 52% in the next six five years, to later stabilize in 2026. The Cometa and Componentes Losán subsidiaries go from being unprofitable to having an EBITDA margin of 3.6% as of 2025.
Boards Losán will also receive new financing from the venture capital company Ade Sodical. Another aspect on which Losán’s new stage pivots is the commitment to sell assets in Romania, as this medium explained in July. The company plans to put rural properties on the market in the country and its 51% stake of Losán Romania in Agronova.
The expected good evolution will lead the company to generate an annual cash flow of 77 million “debt service” that, although it does not directly allow us to face the totality of what is owed, it does allow it to be faced taking into account the “solidarization” of the debt between the group companies and the planned contributions and inflows of funds.
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