Telepizza changes hands following a court ruling. In application of the new bankruptcy law, commercial court number 5 of Madrid has approved a restructuring plan of 350 million debt that gives the green light to the creditor funds Oak Hill, Blantyre, HIG, Fortress and Treo, to take 75% of capital in exchange for a reduction of 200 million in liabilities.
Sources close to the case assure this newspaper that Banco Santander and the ICO control the remaining 25% of the property of Food Delivery Brands, the parent company through which Telepizza operates. In this way, the current owners lose control of the business: the KKR fund and other investment firms such as Altamar, Safra, Artá, Torreal, which had entered in recent years.
These same sources assure that the restructuring plan approved by the judge also contemplates the restructuring of 100 million euros of liabilities, the maturity of which has now been set between the years 2026 and 2028.
The agreement, approved by consensus, has been supervised by the firm Lexaudit, appointed as an independent expert in the case. In application of the new bankruptcy law, the sentence is not appealable and must be executed in the coming weeks.
This ruling comes just weeks after the Celsa case, in which the Barcelona justice system has also transferred the property to the creditor funds due to the Rubiralta family’s inability to return the credits.
