The ruling by the Commercial Court of Gijón validates the company’s roadmap for the future and sets in motion a financial, legal, and operational transformation aimed at strengthening its stability, business operations, and sustainable growth.
Gijón, June 15, 2026. The Third Commercial Court of Gijón has approved Duro Felguera’s restructuring plan. The ruling validates the roadmap defined by the company, provides the necessary conditions to soundly execute the planned future strategy, and allows Duro Felguera to begin a new phase focused on stability, business operations, and orderly growth, now that the burdens of past projects have been resolved.
Throughout the restructuring process, Duro Felguera maintained its operations and continued to execute projects in various markets, preserving its technical capabilities, relationships with its clients, and the expertise of its teams.
This approval marks the culmination of a process lasting more than a year and a half of intense effort and enables the company to move forward with the implementation of a viability plan built on three pillars: a financial restructuring that restores balance sheet strength by eliminating unsustainable debt and extinguishing the main contingent liabilities arising from litigation and legacy projects; a legal solution that resolves these contingencies; and an operational transformation that reorganizes the company around its core EPC businesses and focuses its activities on profitable and disciplined growth.
In terms of financial restructuring, the plan provides the company with a financial structure that is more sustainable and better suited to its operational reality. The resolution approves the measures planned to streamline the balance sheet, strengthen the company’s equity position, and bring its financial commitments in line with the viability plan.
The scale of the financial transaction is significant. The plan covers ordinary and financial debt, convertible bonds, non-strategic supplier receivables, and contingent liabilities related to litigation and historical projects. In total, the scope of the plan exceeded 980 million euros, including claims associated with the Djelfa project amounting to 408 million euros.
In addition to this restructuring, the debt linked to FASEE was restructured at market rates with a repayment schedule extending through 2035, thereby relieving financial pressure on operations and aligning the repayment schedule with the business plan.
The plan also includes a recapitalization of the company through a capital reduction to absorb accumulated losses and a €10 million capital increase subscribed by Grupo Prodi. Added to this transaction is the inflow of liquidity from the sale of the headquarters and the capital increase itself, bringing the total to 23 million euros. These measures strengthen Duro Felguera’s financial position and provide solid liquidity to embark on this new phase.
Grupo Prodi’s involvement goes beyond the capital increase and reflects a business commitment to Duro Felguera’s future. Grupo Prodi thus consolidates its role as a key shareholder and industrial partner, having supported the company through the most challenging phases of the process.
Its support also translates into the creation of opportunities in the industrial and energy sectors that can be developed within the company’s new framework of stability. These include letters of intent worth $300 million for two projects in Mexico: the Escolín Project, a fertilizer plant, and the Tula Project, a combined-cycle power plant developed in partnership with Mota-Engil Mexico. Added to this are highly advanced developments in Mining & Handling.
On the legal front, the approval provides the necessary legal backing to safely and effectively implement all the measures outlined in the plan. The resolution resolves issues that had hindered Duro Felguera’s progress for years and clears up uncertainties associated with legacy projects and significant contingencies.
This context encompasses projects such as Iernut and Djelfa, for which approval allows the Group to mitigate contingencies and related liabilities, thereby resolving a source of uncertainty that had placed a significant burden on the Group’s operations, management, and financial position.
As for operational restructuring, the plan drives a profound reorganization of Duro Felguera to consolidate a company that is more focused, more efficient, and more disciplined in the selection and execution of projects. The new organization will allow the company to concentrate resources, simplify its structure, strengthen risk control, and direct its activities toward profitable projects and the generation of sustainable value. The goal is not to grow by volume, but to recover business in an orderly and profitable manner.
Duro Felguera will continue to operate in the EPC and installation business, focusing on four verticals in which it has proven expertise and an international track record: Energy, Mining & Handling, Industry, and Energy Storage. In addition to these capabilities, the company’s in-house specialization in electromechanical assembly and turbine assembly strengthens its value proposition and expands its ability to support clients. This integrated model is a key differentiator and competitive advantage, as it enables the company to participate across the entire project value chain—from engineering and procurement to construction, assembly, and commissioning.
In addition to this reorganization, the plan preserves two elements it considers structural to the company’s future: employment and its status as a publicly traded company. Following the conclusion of the workforce reduction plan, more than 500 professionals remain at Duro Felguera, ensuring the continuity of the technical expertise and operational capacity that set the company apart. The company also remains listed on the Madrid Stock Exchange, where it has been since 1905—a framework that reinforces transparency, governance, and the trust of clients, lenders, and institutions, and serves as a key credential in international bidding processes.
Eduardo Espinosa, CEO of Duro Felguera, noted that the viability plan “clearly and definitively resolves the company’s long-standing imbalance” and paves the way for “a new era in which Duro Felguera can once again become what it has always been: a world-leading Asturian company.”