— By Plasteurope.com staff — 

Spanish automotive supplier Antolin (Burgos; www.antolin.com) has entered into a standstill agreement with a steering committee of holders of its 2028 and 2030 notes as negotiations continue over a consensual recapitalisation of the group.

The standstill follows Antolin’s filing on 10 July for judicial approval of its Spanish restructuring plan under Spain’s Insolvency Act. The Spanish proceedings form the basis for the group’s subsequent Chapter 15 filings in the US, which seek recognition of the Spanish proceedings rather than separate US bankruptcy proceedings.

The latest standstill temporarily pauses related legal actions and proceedings while Antolin and its creditors continue negotiations over the proposed recapitalisation.

The initial standstill period is set to run for two weeks and may be extended. During this period, the company and the noteholders have agreed to pause legal action and continue negotiations in good faith.

The agreement also postpones the US Chapter 15 recognition hearing that had been scheduled for 19 August, with provisional and supplemental relief previously granted by the US Bankruptcy Court remaining in effect until the rescheduled hearing.

Related: Downward trend for Antolin continues in Q1 2026

Deadlines relating to claims brought by members of the steering committee before the English High Court concerning Antolin’s intercreditor agreement are also being postponed. Winding-up petitions filed by steering committee members against certain English group companies are to be withdrawn for the duration of the standstill.

Antolin said it expects no developments in its Spanish homologation proceedings during August. A consent solicitation relating to its existing notes will likewise not be launched during the standstill period.

The latest development also follows Antolin’s refinancing agreement announced in June, which envisages extending debt maturities to 2030 or beyond and securing a long-term working-capital facility of up to EUR 220 mn.