Minority shareholders of Sniace finalize an offer to reopen the Torrelavega factory

Minority shareholders of Sniace finalize an offer to reopen the Torrelavega factory

The group is led by Clemente Fernández and among its objectives is the return to the company’s listing.

Sniace workers strike, in a file image.

A group of minority shareholders of sniace lead by Clement Fernandez prepare an offer to rescue the company and achieve the reopening of the factory of Torrelavegaas confirmed invested.

The offer, to whose details this newspaper has had access, also contemplates the return to the stock market price of the company and that minority shareholders are significantly integrated into the capital. This is with at least 35% of the new capital.

In this sense, it is already working with several funds interested in co-investing in the operation. Given that the process was already in the liquidation phase, it is hoped that a proposal will soon be available for the bankruptcy administrationheaded by Jose Luis Ramos Fortea.

The proposal, as this portal has learned, also involves opening the entire production center and hiring the necessary workers to operate the complex. At this point, it is estimated that about 400 employees will be needed.

Within this declaration of intent, the minorities led by their spokesperson, Yago Gómez Barba, point towards a sustainable business project over time that maintains these jobs”. And, more than that, it is expected that the company can be efficient so that it “creates wealth in Cantabria and Torrelavega”.

Bankruptcy of 310 million

bankruptcy of sniace last October left behind a trail of 141.93 million euros of debt. An amount that is distributed among the more than 300 creditors to whom the bankruptcy administration has recognized defaults. If credits and unsatisfied commitments of its subsidiaries Viscocel and Celltech are added to this figure, 310 million euros are comfortably exceeded.

The list of creditors is long and ranges from public administrations to brokers. In the list recognized by the bankruptcy administration there are also many SMEs and financial entities.

Within the first group it is worth mentioning the 4.89 million euros that are owed to the Tax agencyanother 1.39 million to the General Treasury of the Social Securitythe almost 9.42 million that are due to the Government of Cantabria or the 298,592 euros pending entry into the coffers of the Town Hall of Torrelavegawhere the company had its main factory that minority shareholders want to reopen.

Among the creditors who await the liquidation of the company in order to compensate as far as possible what are losses right now, there is even the historic former president of Sniace itself, Blas Mezquita. the same as left the baton of the company to Gema Díaz Real in January 2019 and to which minority shareholders attributed the ultimate authorship of an offer to transform part of Torrelavega into a renewable energy factory.

The Sniace factory in Torrelavega.

The Sniace factory in Torrelavega.

The bankruptcy documentation to which Invertia has had access includes the generation of 115.27 million euros of unpaid debt between the months of October 2016 and February 2020, when its closure was announced just before the outbreak of the pandemic in Europe. A level that is equivalent to the generation of 2.88 million debt per month.

The list of creditors also includes everything from supervisors to consultants, through brokers and temporary employment agencies (ETT). Thus, one of the public bodies to which Sniace has left outstanding payments is the National Stock Market Commission (CNMV). A debt against the estate is recognized for 10,201 euros.

An amount is very close to the amount recognized for the State Attorney: 10,500 euros. In the chapter on public administration there are also several town halls and neighborhood councils.

Although Sniace was left delisted from trading on July 13, the company also has debts with the governing companies of the Spanish markets. Likewise, a debt of 1.03 million euros with the broker CM Capital Markets. Furthermore, with the financial consultants Intervalor Consulting Group and Toro Finance recognize outstanding payments of 6,983.88 and 961,138.99 euros, respectively.

Relevant shareholders

The debts also reach the two reference shareholders of the companywho religiously assumed their part -and more than that- in the successive capital increases held by the energy and cellulose company.

On the one hand, TSK Electronics and Electricity, the head firm of the businessman Sabino Garcia Vallina, receives recognition of debts against the estate for just over 9 million euros. In addition, another 14.98 million among other ordinary and subordinated debts. In the meantime, Felix Revoltaccumulates an amount that amounts to 34,615 euros with the qualification of subordinate, while its company Kiluva has outstanding debts in its favor for 1.1 million.

An amount is very close to the amount recognized for the State Attorney: 10,500 euros. In the chapter on public administration there are also several town halls and neighborhood councils.

Although Sniace was left delisted from trading on July 13, the company also has debts with the governing companies of the Spanish markets. Likewise, a debt of 1.03 million euros with the broker CM Capital Markets. Furthermore, with the financial consultants Intervalor Consulting Group and Toro Finance recognize outstanding payments of 6,983.88 and 961,138.99 euros, respectively.

Relevant shareholders

The debts also reach the two reference shareholders of the companywho religiously assumed their part -and more than that- in the successive capital increases held by the energy and cellulose company.

On the one hand, TSK Electronics and Electricity, the head firm of the businessman Sabino Garcia Vallina, receives recognition of debts against the estate for just over 9 million euros. In addition, another 14.98 million among other ordinary and subordinated debts. In the meantime, Felix Revoltaccumulates an amount that amounts to 34,615 euros with the qualification of subordinate, while its company Kiluva has outstanding debts in its favor for 1.1 million.

Ellsworth Weber