Operations continue and, the company hopes, will endure.
Intersport Spain – comprising Intersport S.L., Intersport Retail One and Intersport CCS – has filed voluntary insolvency proceedings at the commercial court of Barcelona, according to Palco23. The company intends to renegotiate its now “unsustainable” debt and, as the filing reads, to “continue operating and guarantee the company’s future.”
The proceedings (called a “concurso de continuidad”) fall under Spain’s insolvency law of September 2022, a transposition of the EU Directive 2019/1023 – “on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt.”
According to Managing Director Rafael Barbé, the company is “not in a liquidation scenario” and continues to operate. “We’re making purchases and supplying our associates and are initiating the process from a favorable position.” He went on to say that the company was up to date on its payments to all public administrations and with its payroll and seeks to present a net financial debt of less than €14 million.
“We are working on a viability plan to enable us to engage in realistic negotiations with our creditors for the restructuring of our debt.”
Last summer, having failed to find a buyer for the business (Base Detall Sport showed some interest, as did Intersport France and Eren, owner of Intersport Turkey), Intersport Spain filed for pre-solvency proceedings and thereby extended its credit for four months.
In October, as we then reported, the company sought to raise €8 million through the sale of new shares.
