Audiovisual Provider Restructures $44M Deal with Bank

Crampaudiovisual provider of events such as the Mutua Madrid Open and others of tennis, golf or Formula 1has reached an agreement with its creditor banks to restructure 44 million debt and ensure its financial viability, according to market sources.

The company based in San Fernando de Henares (Madrid), with just over 100 workers, requested pre-bankruptcy for the opening of negotiations with creditors in September. The creditor banks, with CaixaBank, Santander, Bankinter, Sabadell, BBVA y Deutsche Bankhave reached an agreement with the company to restructure debt. Cramp has presented a consensual restructuring plan to the Court number 14 of Madridand has already been approved.

The restructuring occurs on the three companies that make up the company (Crambo SA, Crambo Rental y P+D Hospitality Solutions), and consists of a rescheduling of the debt perimeter, which mainly consists of 35 million bank loans and nine million with suppliers. In addition, around 20% is converted into participatory loans, in which future collection is conditional on the company complying with its business plan.

The banks have adhered with their loans, although they have voted against the part of guaranteed credits of the Official Credit Institute (ICO)which are a minority in the debt perimeter. No challenges are expected.

This is one of the most important restructurings by debt volume so far this year, in a period in which operations in the mid market. Ceca himself has acted as an expert in the restructuring, while Gómez-Acebo & Pombo has advised the company and Dentons to the banks. Besides, Crowe has acted as financial advisor to both parties.

The company is known in the audiovisual world as one of the references for supporting sporting events such as the Mutual Madrid Tennis Openthe Davis Cup when it has been held in Spain or the Count Godó of Barcelonaalso tennis. Likewise, He has worked on golf or Formula 1 events, and also on music festivals and concerts.

The latest annual results published in the commercial registry are from 2023, when it had 114 workers and closed with losses of 4.6 million, after earning 100,000 euros the previous year. In May, an ERE began that has reduced the workforce by half.

Crampaudiovisual provider of events such as the Mutua Madrid Open and others of tennis, golf or Formula 1has reached an agreement with its creditor banks to restructure 44 million debt and ensure its financial viability, according to market sources.