Alestis to emerge from bankruptcy protection

11 February 2014

Spanish aircraft components manufacturer Alestis Aerospace has emerged from bankruptcy protection proceedings following an agreement with a Seville court to pay off about EUR284 million (USD387 million) in debt.

The company will now take until April to decide how many of its staff it will need to lay off to reduce its overheads, a company spokesman told IHS Jane's on 11 February.

Managing director Francisco Javier Díaz Gil earlier released a statement saying the agreement approved by the court would allow the company to build up cash flow and start repayments from 2021.

As creditors have presented no opposition to the plan, Alestis, a leading supplier of parts for Airbus Group, had effectively come out of bankruptcy protection proceedings from 7 February, he said.

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