SolarProfit consigue luz verde para su plan de reestructuración por segunda vez

SolarProfit, a Catalan company specializing in photovoltaic installation, has secured approval for its restructuring plan for the second time. This comes after a judicial review in January, which was challenged by the bank creditors. The Catalan group is aiming to restructure its main subsidiary, Solar Profit Energy Services, which is dedicated to photovoltaic installation.

The Commercial Court of Barcelona, Court Number 3, has approved the restructuring plan for Solar Profit Energy Services, the main subsidiary of the Catalan group. This decision comes seven months after the Provincial Court of Barcelona overturned the first attempt to salvage the group, which opted to divide its restructuring into separate companies to enable the plan to move forward.

In December 2024, the Barcelona court had previously approved a joint plan affecting the five main companies of the group - Profithol (the holding company), Solar Profit Energy Services, Solar Profit Sales, Solar Profit FV SEV, and Solar Profit FV ZAR - with deductions ranging from 86% to 100% on a total debt of 206.7 million euros, of which 123.7 million were contingent credits.

Eight financial entities - Bankinter, BBVA, Banco Santander, CaixaBank, Cajamar, Deutsche Bank, Ibercaja, and Sabadell - challenged the plan, with only Abanca voting in favor. The Barcelona Court ruled in January 2026 that the mortgage leasehold class was improperly formed, as it shared the same interest with ordinary commercial creditors and should have been integrated with them.

The ruling emphasized that this separate class was crucial in dragging the rest of the creditors into the non-consensual path, despite representing a minimal percentage of the debt (0.021%). The court noted that the class should have included all contracts of this nature, as they would have the same concourse treatment, not just the derivative contracts of leasehold mortgages.

Following the judicial review, the group changed its strategy and filed individual plans for each subsidiary. Profithol, the holding company, was the first to succeed, with its plan approved on June 23, according to informed sources. Solar Profit Sales, the group's commercial sales and trading subsidiary, followed suit on June 2 and received approval in July for a debt over 15 million euros, mostly intra-group commercial debt.

As the contradiction proceedings had been processed, the approval for Solar Profit Sales is now final and cannot be challenged. The last plan to be approved was that of Solar Profit Energy Services, the most valuable subsidiary of the group, affecting 112 out of 115.5 million euros of its total debt, with a provisional reduction of 96% for ordinary creditors.

It is predicted that the plan of the group's most valuable subsidiary may be challenged again by the bank creditors, following the same path taken after the first restructuring attempt. Financial entities were advised for this second attempt by Garrigues and KPMG Abogados, with FTI Consulting as the financial advisor. Perelló & Biosca & Cabrera is advising the company on its viability plan, while M&M Abogados is designated as the expert for this second restructuring attempt.