Ashurst has advised Endeka Ceramics Holding 1 SLU on its €273 million financial restructuring. The restructuring has been implemented via an English law Scheme of Arrangement, receiving 100% lender support. The restructuring will provide critical time and financial headroom for Endeka to raise new facilities to support the growth and improvement of its businesses.

Endeka breached its financial covenants in 2008 and underwent a financial restructuring in 2010 that resulted in the conversion of its LBO debt into a €84m senior facility and €181m of profit participative loans (PPLs). Following a further period of trading volatility, Endeka breached its financial covenants in March 2013 and began to face in/creasing commercial pressures from suppliers, credit insurers and local bank facility providers due to the upcoming maturity of its bank debt in December 2014.

Endeka is a global supplier of raw materials and intermediate products to the ceramics and related industries. Through its Zircosil brand, Endeka is the world's largest miller of zircon sand and a leading supplier of glazes, colours and digital inks to the ceramics industry. Headquartered in Valencia (Spain), Endeka has a global production footprint and customer base.

The Ashurst team was led by London-based finance partner Simon Baskerville and Madrid-based corporate partner Jorge Vazquez.